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November 3, 2015

Lockheed to close $9bn Sikorsky acquisition this week

Lockheed Martin is set to close a $9bn acquisition of Sikorsky Aircraft from United Technologies after the company received final regulatory approval from China.

Lockheed Martin is set to close a $9bn acquisition of Sikorsky Aircraft from United Technologies after the company received final regulatory approval from China.

According to Lockheed, the company anticipates closing the acquisition on 6 November.

The completion of the regulatory review by the China’s ministry of commerce marks the end of a comprehensive regulatory review process in eight jurisdictions.

"With this final regulatory approval, we are one step closer to completing this historic acquisition."

Lockheed Martin chairman, president and CEO Marillyn Hewson said: "With this final regulatory approval, we are one step closer to completing this historic acquisition.

"We are excited to soon welcome the men and women of Sikorsky to our team."

In September, the US authorities approved Lockheed’s acquisition of Sikorsky. The review was conducted by the US Department of Justice with the support of the defence department and other federal agencies.

The company also received approval from authorities in Japan and South Korea.

UTC reached an agreement with Lockheed in July, to sell its helicopter making unit.

Lockheed and Sikorsky are currently working together on several programmes for the US Navy and the US Marine Corps.

Sikorsky Aircraft business currently offers services in aerospace engineering, material support, integrated logistics, servicing, maintenance, overhaul and training.

In June, the US Air Force awarded a $1.28bn contract to Sikorsky Aircraft to develop and supply four new CRH-60 combat search-and-rescue helicopters.

The initial engineering and manufacturing development (EMD) contract requires Sikorsky to develop and integrate the rescue mission systems, and deliver four combat rescue helicopters and seven aircrew and maintainer training systems.

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