Sperian Acquisition Wins U.S. Antitrust Clearance
Honeywell announced the FTC action on July 16 and said the deal will be completed if two remaining steps are done.
European Union antitrust clearance and having the owners of at least 57 percent of Sperian's shares tender them are now the only hurdles remaining to the completion of Honeywell's acquisition of the Paris-based PPE manufacturer. Honeywell announced July 16 that the $1.4 billion acquisition had received clearance from the U.S. Federal Trade Commission. The tender offer opened July 12.
The French Ministry of Economy, Industry and Employment already approved the transaction on July 8, according to Honeywell's releases. Honeywell expects the transaction to close in the third quarter of 2010 –- Sept. 2 is the expected date. When it is completed, Sperian will be part of the Life Safety business unit within Honeywell's Automation and Control Solutions segment.
The European Commission's action on the acquisition has been filed as Case COMP/M.5908, with third parties invited to e-mail comments about it to COMP-MERGER-REGISTRY@ec.europa.eu, referencing number COMP/M.5908 — Honeywell/Sperian.