The US Justice Department has approved United Technologies Corporation’s (UTC) planned merger with Raytheon, subject to conditions, Reuters reported.
UTC agreed in June to combine its aerospace business with US contractor Raytheon and create a new company worth about US$121 billion, in what would be the sector’s biggest ever merger. It won EU antitrust approval earlier in March.
To win US approval, the companies agreed to divest Raytheon’s military airborne radios business, including facilities in Indiana and Florida, and UTC’s military global positioning systems, including a facility in Connecticut.
The businesses are to be sold to BAE Systems or another buyer approved by the Justice Department. The companies are the only Defense Department suppliers for military airborne radios and military GPS systems for air and sea, the Justice Department stated.
The Justice Department stated that the two companies were among the few companies that made components for certain military satellites, including those that warn of missile launches. Because of this, the department also required the companies to sell UTC’s big space-based optical systems businesses.
Full Content: PYMNTS
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
CVS Health Explores Potential Breakup Amid Investor Pressure: Report
Oct 3, 2024 by
CPI
DirecTV Acquires Dish TV, Creating 20 Million-Subscriber Powerhouse
Oct 3, 2024 by
CPI
South Korea Fines Kakao Mobility $54.8 Million for Anti-Competitive Practices
Oct 3, 2024 by
CPI
Google Offers Settlement in India’s Antitrust Case Regarding Smart TVs
Oct 3, 2024 by
CPI
Attorney Challenges NCAA’s $2.78 Billion Settlement in Landmark Antitrust Cases
Oct 3, 2024 by
nhoch@pymnts.com
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh