Brady agrees to buy Honeywell's PSS business for $1.4 billion in cash
Brady Corporation agreed on April 20, 2026 to acquire Honeywell's Productivity Solutions and Services business for $1.4 billion in cash, with closing expected in the second half of calendar 2026. The company plans to fund the deal with new debt and cash on hand, and BMO Capital Markets has committed up to $1.8 billion in bridge financing. For shareholders, the business generated about $1.1 billion of sales in 2025, and Brady expects net debt-to-EBITDA of about 2.5 times after transaction financing, deleveraging to below 2.0 times within two years of closing.
Key points
- Base purchase price of $1.4 billion in cash, subject to customary adjustments; closing expected in the second half of calendar 2026 and subject to regulatory approvals.
- BMO Capital Markets committed bridge facilities of up to $1.8 billion: a $1 billion Tranche A and an $800 million Tranche B.
- PSS generated sales of approximately $1.1 billion in 2025, compared with Brady's fiscal 2025 sales of approximately $1.51 billion.
- Brady expects a minimum of $25 million in annual run-rate cost synergies within three years of closing; the filing states the deal is financed with new debt and cash on hand.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 21, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.