Honeywell to buy Carrier's security business for $4.95bn

US air conditioner maker Carrier Global said on Friday that it has agreed for Honeywell to buy its security business for $4.95bn.

Global Access Solutions includes the brands LenelS2, Supra and Onity and employs around 1,200 people in 33 countries.

Carrier chairman and chief executive David Gitlin said: "Global Access Solutions is a great business with dedicated, customer-focused teams, and we look forward to watching its continued growth under the ownership of Honeywell.

"The transaction, together with the planned exits of our Industrial Fire, Residential and Commercial Fire, and Commercial Refrigeration cabinet businesses, will accelerate our growth strategy and focus, positioning Carrier to deliver higher growth and superior shareholder value and further reinforcing our track record of performing while transforming."

Carrier said it plans to use the net proceeds of around $4bn to pay down debt.

The deal is expected to close before the end of Q3 2024.

At 1250 GMT, Carrier shares were up 5.9% in pre-market trade at $56.01.