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  • Friday, April 26, 2024

European Commission OKs UTC-Raytheon Merger

Jeff Brody

The European Commission approved United Technologies Corp.’s (NYSE: UTX) planned $121B merger with Raytheon (NYSE: RTN), Reuters reported Friday.

UTC and Raytheon agreed to divest their military GPS receiver business and airborne tactical radios business, respectively, to BAE Systems’ U.S. subsidiary in January to address competition concerns raised by the European Commission.

The clearance came days after UTC’s board of directors approved the spinoffs of its Carrier and Otis subsidiaries into two independent companies. UTC expects to complete the separations by April 3.

UTC and Raytheon announced their all-stock merger in June of last year. Greg Hayes, chairman and CEO of UTC, said in late January that the company hopes to close the potential merger by early April.

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