Carrier Announces Agreement to Sell Global Access Solutions Business to Honeywell for $4.95 Billion
PALM BEACH GARDENS, Fla., Dec. 8, 2023 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its security business, Global Access Solutions, which includes the industry-leading brands of LenelS2 , Supra and Onity , to Honeywell (NASDAQ: HON) for an enterprise value of $4.95 billion, which represents approximately 17x 2023 expected EBITDA.
- PALM BEACH GARDENS, Fla., Dec. 8, 2023 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its security business, Global Access Solutions, which includes the industry-leading brands of LenelS2 , Supra and Onity , to Honeywell (NASDAQ: HON) for an enterprise value of $4.95 billion, which represents approximately 17x 2023 expected EBITDA.
- With approximately 1,200 employees operating in 33 countries, Carrier's Global Access Solutions business is an innovative global leader in advanced access and security solutions, electronic locking systems, and contactless mobile key solutions.
- "Global Access Solutions is a great business with dedicated, customer-focused teams, and we look forward to watching its continued growth under the ownership of Honeywell," said Carrier Chairman & CEO David Gitlin.
- Beginning in the fourth quarter of 2023, Carrier expects to classify the Global Access Solutions business as "held for sale" on the balance sheet, but the results will remain in continuing operations until the sale closes.