Honeywell announced that it has agreed to acquire CAES Systems Holdings from private equity firm Advent International for approximately $1.9B in an all-cash transaction. This represents approximately 14x estimated 2024 EBITDA on a tax-adjusted basis. The CAES transaction, which is expected to be adjusted earnings per share accretive in the first full year of ownership, is not subject to any financing conditions and is expected to close in the second half of 2024, subject to customary closing conditions, including receipt of certain regulatory approvals.
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