Honeywell is reportedly shopping its Building Solutions Group, according to a report today in the Wall Street Journal. The Honeywell Building Solutions business, which the WSJ says is worth between $3 billion and $4 billion, provides security systems integration and other services to commercial buildings globally.
It is a separate business unit from Honeywell Security and Fire (HSF), but they are both part of the Automation and Control Solutions unit. Alex Ismail is the president and CEO of the $14 billion Honeywell Automation and Control Solutions division.
The Wall Street Journal says Honeywell has hired Goldman Sachs Group to work on the sale, which has been ongoing for about three months.
Earlier this week, reports surfaced that Honeywell was in talks to merge with UTC. While those reports were followed by comments from UTC that they deal would run into trouble with anti-trust regulations, the Wall Street Journal today said “Honeywell has signaled that it isn’t ready to give up yet on a merger with United Technologies, which would be one of the biggest deals at a time when such activity is booming.”
Would Honeywell sell the building solutions business if it does merge with UTC? The Wall Street Journal report asked that question to itself and answered “I don’t know.” It also added this editorial caveat: “In any event, as always, there may be no deal at all.”
According the WSJ report, Honeywell is working with Centerview Partners and Lazard on the UTC deal, while UTC is working with J.P. Morgan Chase & Co