Honeywell International has agreed to buy Carrier's security business, known as Carrier Access Solutions, for $4.95 billion in an all-cash deal. Carrier Access Solutions provides residential, commercial, and industrial security systems including electronic locks and remote access management. Carrier will use the estimated $4 billion in net proceeds from the sale to pay down debt. It's part of Honeywell's strategy to focus on three "compelling megatrends" - automation, the future of aviation, and energy transition. The deal is expected to close before the end of the third quarter of 2024. Shares of Carrier rose 4.4% on the news of the acquisition in premarket trading.