Date
26 March 2017
The Sikorsky S-97 Raider during an unveiling ceremony last year. Lockheed Martin has been cleared by US authorities to take over the helicopter maker from United Technologies. Photo: Reuters
The Sikorsky S-97 Raider during an unveiling ceremony last year. Lockheed Martin has been cleared by US authorities to take over the helicopter maker from United Technologies. Photo: Reuters

Lockheed wins US regulatory nod for Sikorsky acquisition

Lockheed Martin Corp. said on Thursday that US regulatory authorities have approved the company’s US$9 billion takeover of Sikorsky Aircraft business from United Technologies Corp.

In a filing with the US Securities and Exchange Commission, the defense contractor said authorities in Japan and South Korea had also approved the deal, but it was waiting for other regulatory approvals, Reuters reported.

The company is likely to close the acquisition well before the end of the year.

When it announced the deal on July 20, Lockheed said it did not anticipate major hurdles, and that it expects to close the transaction in the fourth quarter of 2015 or early 2016.

The regulatory process has moved along more smoothly than expected, Reuters cited sources as saying.

The deal must still win regulatory approval from the European Union, China and a host of other countries where one or both companies have business interests.

Sikorsky will be Lockheed’s largest acquisition since it bought Loral Corp’s defense electronics business for US$9.1 billion in 1996.

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