Honeywell to Acquire EMS Technologies for $33 per Share Totaling $491 Million

Honeywell HON today announced that it has signed a definitive agreement to acquire EMS Technologies, Inc. ELMG for $33 per share in cash, or an aggregate purchase price of approximately $491 million, net of cash acquired. The purchase price translates to approximately 13 times EMS's 2010 earnings before interest, taxes, depreciation and amortization, or approximately 9 times 2010 EBITDA excluding certain corporate costs. The agreement provides for a subsidiary of Honeywell to commence a tender offer within 10 business days to purchase all outstanding shares of EMS.