Honeywell Completes Acquisition of COM DEV

Honeywell has completed the previously announced acquisition of COM DEV International, a leading satellite and space components provider of switches and multiplexers, in a deal valued at $345 million.  Concurrent with the closing, COM DEV's former subsidiary exactEearth was spun-off to COM DEV shareholders and will start trading on the TSX starting February 9th.  The acquired business has estimated 2015 revenue of $160 million and EBITDA of $34.5 million, resulting in an enterprise value/revenue multiple of 2.2x and enterprise value/EBITDA multiple of 10.0x.