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The European Union will decide by Feb. 28 whether the proposed 'merger of equals” of United Technologies Corp. and Raytheon Co. can go ahead, news agency Reuters has reported.
UTC, parent of Collins Aerospace, Cedar Rapids's largest employer, and Raytheon Co. announced their proposed merger in June 2019. Valued at $135 billion, the deal would create one of the world's largest aerospace companies and the second-largest defense company, behind Lockheed Martin Corp.
London, England-based BAE Systems will purchase Collins Aerospace's military GPS business as part of smoothing concerns over the merger.
Citing a filing on the European Commission website, the Reuters news article points out the EU also could initiate a five-month-long inquiry into the agreement.
The UTC-Raytheon merger, expected to be finalized by the first half of this year, also requires the OK by U.S. regulators.