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UTC, Raytheon deal wins US antitrust approval, with divestitures

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The U.S. Justice Department has approved United Technologies Corporation's planned merger with Raytheon Co , subject to conditions, the agency said on Thursday.

File Photo: A screen shows the logos and trading information for defense contractor Raytheon Co, and United Technologies Corp. on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 17, 2019. REUTERS/Brendan McDermid

27 Mar 2020 07:20AM

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WASHINGTON: The U.S. Justice Department has approved United Technologies Corporation's planned merger with Raytheon Co , subject to conditions, the agency said on Thursday.

UTC agreed in June to combine its aerospace business with U.S. 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.

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To win U.S. 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 Inc or another buyer approved by the Justice Department.

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