July 06, 2012
Credit: Credit: Pratt & Whitney
United Technologies Corp. is set to win EU approval for its $16.5 billion purchase of U.S. aircraft components maker Goodrich after agreeing to sell assets in the United States and Britain, two people familiar with the matter said on Friday.
The acquisition is the largest in a decade for United Tech, whose products include Pratt & Whitney engines, Sikorsky helicopters and the Otis brand of elevators and escalators.
United Tech offered concessions to the European Commission last month after the EU regulator expressed worries about the combined companies’ very high market shares in engine controls and AC power generators.
“The Commission is expected to clear the deal conditionally. It is likely to make a decision before the summer break,” said one of the people, who asked not to be identified because of the sensitivity of the matter.
The person said that United Tech pledged to sell several Goodrich assets, including electrical power generation operations in the United States and Britain and its U.S. engine control activities.