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Honeywell unloads security monitoring unit

Honeywell said Monday it would sell its security monitoring business to a private equity firm for $315.5 million in cash as it continues to focus on higher-growth security products.
/ Source: Reuters

Honeywell International Ltd., an electronics manufacturer and specialty chemicals company, said on Monday it would sell its security monitoring business to a private equity firm for $315.5 million in cash as it continues to focus on higher-growth security products.

The business will operate as an independent entity following its purchase by GTCR Fund VIII LP, a $6 billion equity capital fund that invests in a range of industries.

The deal is expected to close by the end of June.

Honeywell Security Monitoring provides burglary and fire protection, video surveillance, maintenance and monitoring services. It serves more than 120,000 commercial and residential customers throughout the United States.