Lockheed Martin Corp said Monday it would buy Black Hawk maker Sikorsky Aircraft from United Technologies Corp for $9 billion, cementing Lockheed’s dominance in weapons making.
Lockheed will also review the possible sale or spin off of $6 billion in other information technology and services businesses.
The Pentagon’s largest supplier called Sikorsky a “national icon” and said the net cost of the deal was around $7.1 billion, taking into account tax benefits. Lockheed also reported higher earnings and revenue for the second quarter.
The deal, first reported by Reuters on Sunday, also opens key foreign markets for Lockheed, which has annual revenues of $45 billion. It already dwarves its nearest competitors, the defense business of Boeing Co and Northrop Grumman Corp.
Full content: Washington Business Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google ExecAdmitted Firm’s Goal Was to “Crush” Digital Ad Rivals, According to Court Docs
Sep 11, 2024 by
CPI
Former Michigan Football Stars File $50 Million Antitrust Lawsuit Against NCAA
Sep 11, 2024 by
CPI
Oasis Fans Could Be in Line for Ticket Refunds Amid Antitrust Concerns
Sep 11, 2024 by
CPI
FCC Chair Calls for More Competition to SpaceX’s Starlink Network
Sep 11, 2024 by
CPI
Singapore Salon Director Jailed for Contempt in Consumer Protection Case
Sep 11, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
CPI
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
CPI
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
CPI
The Cost of Making COFECE Disappear
Sep 3, 2024 by
CPI