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September 24, 2015

US said to approve Lockheed Martin’s $9bn acquisition of Sikorsky

The US authorities have reportedly approved Lockheed Martin's $9bn acquisition of Sikorsky Aircraft business from United Technologies (UTC).

Sikorsky

The US authorities have reportedly approved Lockheed Martin’s $9bn acquisition of Sikorsky Aircraft business from United Technologies (UTC).

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Reuters reported citing Lockheed’s filing with the US Securities and Exchange Commission that the company already received approval from authorities in Japan and South Korea.

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

The review was conducted by the US Department of Justice with the support of the defence department and other federal agencies.

In addition, the deal is now expected to receive approval from the European Union and countries including China where both the companies run businesses.

According to the news agency, multiple sources familiar with the matter revealed that the company is likely to close the acquisition before the end of the year.

The new acquisition is expected to help Lockheed Martin to achieve strong revenues in the medium term.

UTC president and CEO Gregory Hayes previously said: "Sikorsky’s acquisition by Lockheed Martin, one of the world’s leading aerospace and defence companies, will ensure it remains a technology leader at the forefront of vertical lift.

"Sikorsky’s acquisition by Lockheed Martin, one of the world’s leading aerospace and defence companies, will ensure it remains a technology leader at the forefront of vertical lift."

"We are committed to working closely with Lockheed Martin to execute a seamless transition for customers and employees."

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

Earlier, UTC had also shortlisted Textron for the acquisition of Sikorsky Aircraft. The company proposed a reverse morris trust (RMT) merger between Sikorsky and Textron.

Boeing had also expressed interest in a potential deal to purchase the aircraft business.


Image: A US Air Force Combat Rescue Helicopter. Photo: courtesy of Rockwell Collins

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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by GlobalData
Enter your details here to receive your free Report.

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