(Bloomberg) -- United Technologies Corp. won U.S. antitrust approval for its acquisition of Raytheon Co., a deal that will create an aerospace and defense giant.
The Justice Department’s antitrust division signed off on the deal after the companies agreed to sell assets to resolve competition concerns stemming from the tie-up, according to court papers filed Thursday in Washington.
The U.S. approval comes after BAE Systems Plc in January agreed to buy the military global positioning system arm of UTC’s Collins Aerospace unit for $1.93 billion, together with Raytheon’s airborne tactical radios operation at a cost of $275 million.
The Justice Department is also requiring the sale of UTC’s optical systems business used in space missions and defense laser warning systems, according to court papers.
Raytheon Technologies Corp., as the new company will be called, will be a defense-and-aviation powerhouse, with products such as missiles, jet engines and cockpit electronics. United Technologies plans to spin off its elevator and air-conditioner businesses before the Raytheon deal closes.
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