Honeywell (HON) agreed to pay $4.95 billion to buy Carrier's (CARR) Global Access Solutions division in an all-cash deal to enhance Honeywell's building automation capabilities.

Honeyw🍌ell explained that the purchase includes ꧙hardware and software, and will ”accelerate innovation, bringing products and capabilities to customers that are increasingly moving to cloud-based services and solutions.”

While Carrier may be best known for its heating and air conditioning systems, its Global A🦂ccess Solutions segment offers advanced access and security solutions, electronic locking systems, and contactless mobile key solutions.

Honeywell CEO Vimal Kapur said that adding Carrier’s automation products will give the firm “a leading security platform with forecasted annual revenue in excess of $1 billion.” The 澳洲幸运5官方开奖结果体彩网:acquisition is expected to close 🎀by the end of the third quarter 🙈of next year.

The company noted the move was consistent with a realignment of its businesses into three parts, automation, the future of aviation, and energy transformation, that was announced in October.

Honeywell's stock price was down 1.6% at $194.62 as of about 1:45 p.m. ET following the news, while Carrier's was up 4.1% at $55.07.