UTC’s Acquisition of Raytheon Approved
CBJ — United Technologies Corporation has moved one step closer to acquiring Raytheon following the approval by the European Union, although several conditions still must be met.
In the summer of 2019, UTC moved ahead with plans to combine its aerospace business with U.S. contractor Raytheon. The merged enterprise would have a value of about $120 billion, which would make it the biggest merger in the industry’s history.
The EU Commission had lingering concerns that the merger would result in competition and higher prices for such products as military GPS receivers and airborne radios.
In response, UTC and Raytheon offered to divest UTC’s entire military GPS receiver and anti-jamming business located in Iowa and Raytheon’s entire military airborne radios business, based in Indiana.