Honeywell Receives EU Approval To Buy Intermec For $600 Million
Intermec is a supply chain inventory tracking and mobile computing device company. Honeywell has now received European Union (EU) regulatory approval for their $600 million acquisition of Intermec. Intermec manufactures barcode scanners and radio-frequency identification (RFID) readers.
“The Commission found that the transaction would not raise competition concerns, in particular because the merged entity will continue to face several credible competitors in the relevant markets,” stated an EU executive.
Several days ago, it was revealed that the sale of Intermec to Honeywell would be slowed down due to antitrust issues, not just with the European Union. Intermec extended the deadline for completing their sale to Honeywell by four months after the Federal Trade Commission requested additional information about antitrust implications. The deadline has been extended from June 10th to October 10th according to a regulatory filing.
The deal was originally announced this past December. Honeywell said that they were going to acquire Intermec for $10 per share, which is worth $600 million. Intermec’s shareholders approved of the deal in March.