United Technologies Corp. (UTC), on Nov. 23, announced that it has received the final regulatory approval needed to close its acquisition of Rockwell Collins, Inc.
The conclusion of the regulatory review by China’s State Administration for Market Regulation clears the way for United Technologies to proceed with the proposed acquisition announced on September 4, 2017. The acquisition is expected to close within three business days.
In Sept. last year, the companies announced that they have reached a definitive agreement under which United Technologies will acquire Rockwell Collins for $140.00 per share, in cash and UTC stock. The purchase price implied a total equity value of $23 billion and a total transaction value of $30 billion, including Rockwell Collins’ net debt.
Rockwell Collins is a leader in aviation and high-integrity solutions for commercial and military customers and is globally recognized for its leading-edge avionics, flight controls, aircraft interior and data connectivity solutions. On a 2017 pro forma basis, its estimated sales are greater than $8 billion.