Honeywell Cuts Acquisition Price to £1.325B, Extends Closing for Catalyst Technologies Deal
Honeywell reduced its cash outlay for Johnson Matthey’s Catalyst Technologies business to £1.325 billion from £1.8 billion and extended the long stop date to July 21, 2026 (potentially August 21). The amended agreement targets closing by August 2026 and will be accretive to adjusted EPS in its first full year.
1. Amendment Details
Honeywell and Johnson Matthey agreed to amend the acquisition terms for the Catalyst Technologies segment, reducing total consideration from £1.8 billion to £1.325 billion and pushing the long stop date to July 21, 2026. The deadline may be extended to August 21, 2026 if remaining regulatory conditions are not met.
2. Strategic Rationale and Synergies
The deal expands Honeywell UOP’s installed base across refining, petrochemical and renewable fuels, integrates complementary catalyst portfolios and deepens Process Technologies and Process Automation capabilities. It also builds on existing commercial collaborations to drive aftermarket growth and a more unified energy and process offering.
3. Financial Impact and Timeline
Closing is anticipated by the end of August 2026, subject to customary approvals and conditions. The acquisition is forecast to be accretive to Honeywell’s adjusted earnings per share in the first full year of ownership.