Carrier Global Corporation has agreed to sell its security business Global Access Solutions – which includes LenelS2, Supra and Onity – to Honeywell for an enterprise value of $4.95 billion.

According to Carrier, the organization currently has approximately 1,200 employees operating in 33 countries.

It is a provider of advanced access and security solutions, electronic locking systems and contactless mobile key solutions.

“Continued growth”

“Global Access Solutions is a great business with dedicated, customer-focused teams and we look forward to watching its continued growth under the ownership of Honeywell,” said Carrier Chairman & CEO David Gitlin.

“The transaction, together with the planned exits of our industrial fire, residential and commercial fire, and commercial refrigeration cabinet businesses, will accelerate our growth strategy and focus, positioning Carrier to deliver higher growth and superior shareholder value and further reinforcing our track record of performing while transforming.”

Carrier highlights that the proposed sale is subject to regulatory approvals and customary closing conditions. It is expected to close before the end of Q3 2024.