UTC-Rockwell Collins approval expected imminently in the US
1 October 2018. By Flavia Fortes and Matthew Newman.
The US Department of Justice is expected to approve United Technologies’ $30 billion acquisition of Rockwell Collins imminently, MLex has learned.
The companies agreed to sell assets in three markets in order to get the regulator’s green light. Approval could come as soon as today.
The DOJ clearance would follow the deal’s approval by the European Commission, which okayed the last purchaser of assets on Friday.
The approval is expected to clear the way for Chinese approval, though the timing there is not clear. This week, government agencies in China are closed for a long holiday.
Safran is buying Rockwell Collins’ actuators, pilot controls and special-products businesses. The companies also agreed to sell assets in ice protection and oxygen system markets.
The approval of the deal was delayed because DOJ was making sure the divestitures were stand-alone, viable businesses, UTC had disclosed.
The companies have said that clearance in China would then follow: “The regulatory process in China has gone as well as we could have expected. I think what has typically happened here is the Chinese will not give us final approval until the DOJ signs off,” UTC Chief Executive Greg Hayes said. “They have not given us any indication if there is any issue other than DOJ final approval.”
The Rockwell-Safran deal was approved in Brazil on Sept. 18.