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Brady Corporation (NYSE:BRC) completed the acquisition of Productivity Solutions and Services of Honeywell International Inc. (NasdaqGS : HON).
Brady Corporation (NYSE:BRC) signed a definitive agreement to acquire Productivity Solutions and Services of Honeywell International Inc. (NasdaqGS : HON) for $1.4 billion on April 20, 2026. A cash consideration of $1.4 billion will be paid by Brady Corporation. Brady expects to fund the transaction with cash on hand and new debt financing. Concurrently with the entry into the Purchase Agreement, the Brady Corporation entered into a debt commitment letter with BMO Capital Markets. Pursuant to the Debt Commitment Letter, BMO Capital Markets has committed to provide bridge facilities in an aggregate principal amount of up to $1.8 billion, consisting of a $1 billion Tranche A facility and an $800 million Tranche B facility.
The transaction reflects TEV/EBITDA multiple of 8x. For the period ending December 31, 2025, Productivity Solutions and Services of Honeywell International Inc reported total revenue of $1.1 billion. Brady's revenue in its most recent fiscal year, which ended July 31, 2025, was $1.5 billion. As of June 8, 2026, Russell Shaller is retiring as CEO of Brady Corp.
The transaction has been unanimously approved by the Boards of Directors of both companies, approval by regulatory board. The expected completion of the transaction in the second half of calendar year 2026. The transaction is expected to be double-digit accretive to adjusted diluted EPS within the first year following close. The transaction is expected to close on August 1, 2026. As of June 12, 2026, Brady Corporation entered into a $1 billion credit agreement, comprising a $500 million term loan and a $500 million revolving credit facility, to finance the acquisition. As of July 23, 2026, the expected completion of the transaction is by early August.
Goldman Sachs & Co. LLC acted as financial advisor for Brady Corporation. Jessica Lochmann, Spencer Moats, Craig Roush, Arthur Vorbrodt, Christopher Terris, Jordan Bergmann, David Morris, Heidi Furlong, Greg Neppl, Christopher King, Leigh Riley, Carmen Decot, Philip Phillips, Amanda Beggs, Joshua Roling, Jennifer Urban, Gregory Husisian, Ethan Lenz, Erin Toomey, Sophie Lignier, and Tim Patterson of Foley & Lardner LLP acted as legal advisor for Brady Corporation. Centerview Partners LLC acted as a financial advisor to Honeywell International. Ted M. Frankel, Allison M. Wein, Edward Brennan, Alexander J. Romano, Daniel D. Lewis, Todd Herst, Jessie Perlman, Sara B. Zablotney, Heidi Yuen, Allison Bray, Scott D. Price, Jabir Yusoff, Madeline Stavis Klebanov, Hannah Fraley, Maureen D. O’Brien, Andrea Agathoklis Murino, Noah Pinegar, Daniel Rosenthal, John P. Kabealo, Jennifer B. Sheehan, Michael Saretsky, Robert M. Hayward, Sharon Freiman, Ben Richards, Melissa J. Hutson, Charles Kilgore, Conor O’Muiri, Brad Jorgensen and Robert S. Ryland of Kirkland & Ellis LLP acted as a legal advisors to Honeywell International. Duffy Lorenz, Gudrun Juffer, Dani Valois, Colin Bowes-Carlson, Jen Ferguson, James Gunn, Jessica Garda, Kerry Murphy, Emily Duffy, Sian Patterson-O'Neill, Liz Ebersole, Chris Guldberg, Adeola Olowude, Sarah Winston, Chris Williams, Jennifer Coimbra, and Sera Serim of Baker & McKenzie LLP acted as a external legal advisor to Honeywell International. Womble Bond Dickinson acted as a external advisor to Honeywell International. Martina Farkas of Linklaters (Munich), Matthew Devey and Michael Leicht of Linklaters LLP, Christoph Barth of Linklaters (Düsseldorf), Markus Appel of Linklaters Oppenhoff & Rädler, and further lawyers from Linklaters LLP, Linklaters LLP (Netherlands), Linklaters De Bandt, Linklaters Hong Kong, Linklaters LLP, Linklaters LLP (Italy), Linklaters LLP (France), Linklaters Law Firm, Linklaters, and Linklaters LLP acted as legal advisor for Brady Corporation. Morgan Bale, Kris Villarreal, Jeff Ramsay and Steve Camahort of Paul Hastings acted as legal advisors to Bank of Montreal on its bridge financing.
Brady Corporation (NYSE:BRC) completed the acquisition of Productivity Solutions and Services of Honeywell International Inc. (NasdaqGS : HON) on August 3, 2026. In conjunction with the acquisition, Brady will be operated with two reportable segments. The existing Brady business will be reported as Identification Solutions and the PSS business will be reported as Intelligent Productivity Solutions. The PSS acquisition is expected to be immediately accretive to Adjusted Diluted Earnings per Share (approximately $0.80 within the first twelve months following the close of the transaction) with strong cash generation to support deleveraging.