Honeywell – Honeywell To Strengthen Building Automation Business With Acquisition Of Carrier’s Global Access Solutions


  • Purchase price of $4.95 billion represents ~13x 2023E EBITDA, inclusive of tax benefits and run-rate cost synergies
  • Acquisition will strengthen Honeywell’s strategic alignment to the megatrend of automation, underpinned by digitalization
  • Transaction will be immediately accretive to Honeywell’s growth, gross margins and operating margins; cash-EPS accretive in the first full year of ownership
  • By fifth full year of Honeywell ownership, acquisition will achieve a double-digit cash-ROIC 



CHARLOTTE, Dec. 8, 2023 – Honeywell (Nasdaq: HON) today announced plans to enhance and strengthen its building automation capabilities with the acquisition of Carrier Global Corporation’s (NYSE: CARR) Global Access Solutions business for $4.95 billion, in an all-cash transaction. This acquisition will enable Honeywell to become a leading provider of security solutions for the digital age. 

The acquisition, which includes both hardware and software solutions, further supports Honeywell’s recently announced plans to align its portfolio to three compelling megatrends: automation, the future of aviation and energy transition, underpinned by robust digitalization capabilities and solutions. The Global Access Solutions business will enhance Honeywell Building Technologies’ business model of leading with high-value products that are critical for buildings.

The business brings an attractive growth and margin profile that will be accretive to Honeywell with valuable software content, resilient business model and strong sources of recurring revenue. The acquisition will add three respected brands to Honeywell’s portfolio with a focus on life safety and digital access solutions, including:

  • LenelS2, a leading business for over 25 years in commercial and enterprise access solutions, including well-known offerings OnGuard and NetBox, used by numerous Fortune 100 customers.
  • Onity, which offers electronic locks, including hospitality access, mobile credentials, and self-storage access. Nine of the ten top hotel chains are customers.
  • Supra’s cloud-based electronic real estate lockboxes offer mobile credentials and access management, as well as a leading digital platform to optimize scheduling for property showings.


When the deal closes, the combined company will be able to accelerate innovation, bringing products and capabilities to customers that are increasingly moving to cloud-based services and solutions.

“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” said Vimal Kapur, Chief Executive Officer, Honeywell. “By leveraging the capabilities of the combined company’s advanced security and safety systems, customers will be able to maximize their performance, efficiency and cost-effectiveness and create long-term, sustainable value.”


The purchase price represents approximately 13x 2023E EBITDA, inclusive of tax benefits and run-rate cost synergies. The transaction is expected to be cash-EPS accretive in the first full year of ownership.

The transaction is expected to close by the end of the third quarter of 2024, subject to customary closing conditions, including receipt of certain regulatory approvals.


Evercore Inc. is serving as financial advisor to Honeywell. Skadden, Arps Slate, Meagher & Flom, Simmons & Simmons and Womble Bond Dickinson are providing external legal counsel.


Note to editors: Carrier Global Corporation today issued a separate press release on the transaction. Click here for that announcement.  



EMR Analysis

More information on Honeywell: See the full profile on EMR Executive Services

More information on Vimal Kapur (Chief Executive Officer, Honeywell): See the full profile on EMR Executive Services

More information on Greg Lewis (Senior Vice President and Chief Financial Officer, Honeywell): See the full profile on EMR Executive Services

More information on Honeywell Building Technologies (HBT) until 31.12.2023: + Honeywell Building Technologies (HBT) is transforming the way every building operates to help improve the quality of life. We are a leading building controls company with operations in more than 75 countries supported by a global channel partner network. Commercial building owners and operators use our hardware, software and analytics to help create safe, efficient and productive facilities. Our solutions and services are used in more than 10 million buildings worldwide.

More information on Honeywell Building Automation Segment (BA) as from 01.01.2024: Through hardware, software, sensors, and analytics, Honeywell helps customers convert buildings into integrated, safe, and more sustainable assets. With solutions and services used in more than 10 million buildings worldwide, Building Automation will continue to strengthen Honeywell’s position in attractive end markets like hospitals, airports, education, and data centers.

More information on Billal Hammoud (President and Chief Executive Officer, Honeywell Building Technologies (HBT), Honeywell until 31.12.2023 + President and Chief Executive Officer, Building Automation Segment (BA), Honeywell as from 01.01.2024): See the full profile on EMR Executive Services



More information on Carrier: + + Carrier is the leading global provider of healthy, safe and sustainable building and cold chain solutions with a world-class, diverse workforce. From the beginning, we’ve led in inventing new technologies and entirely new industries. Today, we continue to lead because we keep customers at the center of every product and service we offer and we act quickly to exceed their expectations. Through our performance-driven culture, we are driving shareowner value by growing earnings and investing strategically to strengthen our position in the markets we serve.

  • $20.4B 2022 Net Sales
  • 100+ New Products for the 8th consecutive year
  • 75+ Brands
  • ~52,000 Employees

More information on David Gitlin (Chairman and Chief Executive Officer, Carrier): +–gitlin/ 

More information on Carrier’s Global Access Solutions – LenelS2: + LenelS2 is the global leader in advanced physical security solutions, including access control, video surveillance and mobile credentialing. We innovate products, systems and services to address the most complex, evolving needs of some of the world’s most demanding organizations. Whether you’re operating a small- to medium-sized business or the largest global enterprise, our solutions are built to solve your unique challenges.

More information on Carrier’s Global Access Solutions – Onity: + For over 80 years, we have understood the opportunity and potential that doors hold. As a worldwide leader in the access control industry, we have continually expanded our services and solutions to become a leading provider of innovative facility technologies, including mobile access technology, electronic locking systems, and electronic in-room safes.

More information on Carrier’s Global Access Solutions – Supra: + Supra has brought efficiency and peace of mind to the real estate industry since 1955 – providing a range of leading access solutions. Today, Supra offers easy-to-use lockboxes, digital key solutions and a showing management platform that allows agents to focus on their clients.