공고 • 3h
Honeywell International Inc. (NasdaqGS:HON) completed the acquisition of Johnson Matthey Davy Technologies Limited, Johnson Matthey Chemicals GmbH and Johnson Matthey Process Technologies, Inc. from Johnson Matthey Plc (LSE:JMAT).
Honeywell International Inc. (NasdaqGS:HON) entered into share purchase agreement to acquire Johnson Matthey Davy Technologies Limited, Johnson Matthey Chemicals GmbH and Johnson Matthey Process Technologies, Inc. from Johnson Matthey Plc (LSE:JMAT) for £1.8 billion on May 22, 2025. A cash consideration of £1.8 billion will be paid by Honeywell International Inc on a cash and debt-free basis. As of February 23, 2026, Honeywell International Inc. agreed to amend the financial terms to acquire Johnson Matthey Davy Technologies Limited, Johnson Matthey Chemicals GmbH and Johnson Matthey Process Technologies, Inc. from Johnson Matthey Plc (LSE:JMAT) for a an enterprise value of £1.3 billion on a cash and debt-free basis. The transaction includes Johnson Matthey Davy Technologies Limited, Johnson Matthey Chemicals GmbH and Johnson Matthey Process Technologies, Inc., which, together with their subsidiaries. The acquisition is expected to be accretive to earnings in the first year and will add attractive high growth vectors to Honeywell's ESS business. After deducting one-off payments and associated costs of c.£0.2 billion, this implies total net proceeds of c.£1.6 billion (subject to customary closing adjustments). Johnson Matthey intend to return £1.4 billion of these proceeds to shareholders following completion. The remaining c.£0.2 billion of total net proceeds will be retained for general corporate purposes. Johnson Matthey expect to provide a further update on the mechanism and timing of shareholder return prior to completion. The Share Purchase Agreement may be terminated by either party if any of the conditions to the transaction described above are not satisfied or (if capable of waiver) waived on or before the Long Stop Date on February 21, 2026.
For the period ending March 31, 2025, Johnson Matthey Davy Technologies, Johnson Matthey Chemicals and Johnson Matthey Process Technologies reported total revenue of £728 million, EBIT of £86 million and EBITDA of £119 million. As of March 31, 2025, Johnson Matthey Davy Technologies, Johnson Matthey Chemicals and Johnson Matthey Process Technologies reported cash and cash equivalents of £33 million, total assets of £1.56 billion and total common equity of £574 million.
The transaction is subject to approval by regulatory board / committee and subject to antitrust regulations. The Board of JM has unanimously approved the Transaction and believes the terms of the Transaction are in the best interests of JM and JM's shareholders as a whole. The expected completion of the transaction is first half of calendar year 2026. As of February 23, 2026, JM and Honeywell have agreed to extend the long stop date for satisfaction of the closing conditions from 21st February to 21st July 2026. In the event that the only remaining antitrust approval condition is not satisfied by the Long Stop Date, the Long Stop Date may be further extended to 21st August 2026, if certain conditions are met. Accordingly, JM has agreed to sell the CT business to Honeywell for an enterprise value of £1.325 billion on a cash and debt-free basis. Consequently, JM now expects to return £1 billion of net sale proceeds to its shareholders following completion of the Transaction, comprising £800 million through a special dividend with share consolidation, and £200 million through an on-market share buyback programme. JM and Honeywell expect to complete the Transaction by the end of August 2026. As of July 3, 2026, the State Administration for Market Regulation in China has granted clearance of the acquisition by Honeywell International, Inc. As of July 6, 2026, JM and Honeywell Technologies ("Honeywell") have agreed a completion date of July 17, 2026 for the sale of JM's Catalyst Technologies business to Honeywell.
Goldman Sachs International, Citigroup Global Markets Limited, Numis Securities Limited and Robey Warshaw LLP acted as financial advisors and Andrew Jolly, Claire Jackson, Duncan Blaikie, Lorna Nsoatabe, Charles Osborne, Phil Linnard, Chris Sharpe and Jane Edwarde of Slaughter and May is acting as legal adviser for Johnson Matthey Plc. Deutsche Bank AG, London Branch acted as financial advisor to Johnson Matthey Plc (LSE:JMAT). Morgan Stanley (NYSE:MS) acted as financial advisor to Honeywell International Inc. Max Schleusener and Richard Butterwick of Latham & Watkins LLP acted as legal advisor for Honeywell International Inc. Sanna Isaksson and Erik Fahlgren of Advokatfirman HammarskiÖLd & Co Ab acted as legal advisor to Honeywell International Inc.
Honeywell International Inc. (NasdaqGS:HON) completed the acquisition of Johnson Matthey Davy Technologies Limited, Johnson Matthey Chemicals GmbH and Johnson Matthey Process Technologies, Inc. from Johnson Matthey Plc (LSE:JMAT) on July 17, 2026.