The Justice Department has given antitrust approval to United Technologies Corp.Â (NYSE: UTX)Â to pursue its approximately $30B acquisition of Rockwell CollinsÂ (NYSE: COL), Bloomberg reported Tuesday.
UTC announced in September 2017 that it agreed to pay approximately $23B in cash and stock and assume $7B in net debt from the Cedar Rapids, Iowa-based avionics contractor in an effort to form a new aerospace systems supplier.
The report said the transaction has secured approval in the European Union and Brazil but has yet to receive clearance in China.
âOnce we have received all of the necessary approvals, we will announce the final closing of this transaction,â Michele Quintaglie, a spokeswoman for UTC, said in an email.
DOJ said Monday the approval comes with a proposed settlement that calls for UTC to sell Rockwell Collinsâ two businesses that deal with pneumatic ice protection systems and trimmable horizontal stabilizer actuators to U.S.-approved buyers.
âTodayâs remedy ensures that customers continue to benefit from competition in the supply of these two aircraft components that are critical to safety,â said Makan Delrahim, assistant attorney general at DOJâs antitrust division.