On the stock market, the stock quickly adjusted to the offer price and, around 9.45 a.m., gained 14.76 percent to 6.22 euros.

According to a note, the purchase price represents a premium of about 27.1 percent to the weighted average trading price for Civitanavi shares traded in the 30 days prior to March 26.

Honeywell has already obtained a commitment from Civitanavi's controlling shareholder, which owns about 66 percent of Civitanavi's outstanding shares, to tender its shares in the tender offer.

The transaction values Civitanavi Systems at around 200 million euros as equity value.

The transaction is not subject to any financing conditions and is expected to close in the third quarter of 2024,

Rotschild & Co is the advisor to Civitanavi on the transaction, while UniCredit is the financial advisor to Honeywell

The statement writes that the acquisition will further strengthen Honeywell's capabilities to help its customers create autonomous flight application devices in aircraft and other vehicles, and will support the alignment of Honeywell's portfolio around three megatrends, including the future of aviation and automation.

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(Giancarlo Navach, editing Andrea Mandalà)