Carrier Global Access Solutions — Acquisition by Honeywell International Inc.
Carrier Global Corporation's Global Access Solutions business, a provider of electronic security and access-control technologies for commercial buildings, acquired by Honeywell International, illustrating how established smart-building technology platforms with recognised products, integrated systems and large commercial customer bases can attract premium strategic valuations.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
Honeywell International Inc.
Year
2024
Announced Purchase Price
~US$4.95bn
Revenue
Not separately disclosed
Adjusted EBITDA
Not separately disclosed
Buyer-Reported Forecast EBITDA Multiple (incl. synergies & tax benefits)
~13×
Industry
Smart Building Technology
Transaction
In 2024, Honeywell International acquired Carrier Global Corporation's Global Access Solutions business, a provider of electronic security and access-control technologies for commercial buildings, for approximately US$4.95 billion. The business included established access-control, security and building-management technology brands serving commercial and institutional customers. Honeywell reported a valuation of approximately 13× estimated 2023 EBITDA, incorporating expected run-rate cost synergies and tax benefits. This is not an unadjusted historical enterprise-value-to-EBITDA multiple. The acquisition strengthened Honeywell's building automation portfolio and expanded its capabilities in electronic access control and integrated security.
Why the Premium?
- Established electronic access-control technology
- Recognised security and building technology brands
- Installed customer base across commercial buildings
- Integration opportunities with building automation systems
- International distribution capabilities
- Potential recurring service and technology revenues
SME Takeaway
The buyer-reported approximately 13× forecast EBITDA multiple incorporates anticipated cost synergies and tax benefits and is not a conventional unadjusted historical EV/EBITDA multiple. The transaction was substantially larger than the SME Multiples $1–50M revenue benchmark, making it unsuitable as a direct comparison with a smaller building-management systems installer or integration contractor. It nevertheless illustrates the premium that major strategic buyers may pay for established smart-building technology platforms with recognised products, integrated systems and large commercial customer bases.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.