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United Technologies, Raytheon Offer EU Concessions Over $120B Merger Deal

By  |  February 24, 2020

United Technologies and Raytheon have offered concessions to address EU antitrust concerns about their plan to create a US$120 billion US aerospace and defense giant, reported Reuters.

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    The companies submitted their concessions on Friday, February 21. The European Commission, which did not provide details in line with its policy, extended its deadline for a decision to March 13 from February 28. 

    In January, UTC agreed to divest a military-focused GPS unit from its subsidiary Collins while Raytheon agreed to sell an airborne tactical radios unit to British defense company BAE Systems in a bid to win regulatory clearance. 

    The EU competition watchdog will now seek feedback from rivals and customers before deciding whether to clear the deal, demand more concessions or open a full-scale investigation.

    Full Content: Reuters

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