Resideo Announces Completion of Transaction with Honeywell To Accelerate Payment of All Potential Monetary Obligations Under Indemnification and Reimbursement Agreement
In connection with the completion of the transaction, Resideo made a one-time cash payment to Honeywell of $1.59 billion resulting in the termination of the Indemnification Agreement, including the elimination of Resideo's obligation to make annual payments to Honeywell of up to $140 million through year-end 2043 and the elimination of all of the affirmative and negative covenants contained in the Indemnification Agreement.
Advisors
Willkie Farr & Gallagher LLP served as legal counsel to Resideo and Collected Strategies served as strategic communications advisor in connection with the transaction.
About Resideo
Resideo is a leading manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
Contacts:
Investors:
Christopher T. LeeGlobal Head of Strategic Financeinvestorrelations@resideo.com
Media:
Garrett TerryCorporate Communications Managergarrett.terry@resideo.com
or
Dan Moore, Jim Golden, Tali EpsteinCollected StrategiesResideo-CS@collectedstrategies.com
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