United Technologies to Buy Rockwell Collins for $23 Billion
September 04 2017 - 6:15PM
Dow Jones News
By David Benoit, Dana Mattioli and Thomas Gryta
Industrial conglomerate United Technologies Corp. reached a deal
to buy airplane-parts maker Rockwell Collins Inc. for $23 billion,
in the biggest aerospace deal in history.
Both companies' boards have approved a deal in which United
Technologies will pay $140 a share in cash and stock, according to
people familiar with the matter. Rockwell investors will get $93.33
a share in cash and the remaining $46.67 in United Technologies
stock, the people said.
The price is an 18% premium to where Rockwell traded before word
of a potential deal first surfaced early last month, and 30% above
where the stock ended July.
The deal would be the biggest aerospace deal ever, followed by
United Technologies' 2012 acquisition of Goodrich Corp. for about
$16.5 billion, according to Dealogic.
It promises to reshape the market for aerospace parts and could
be a harbinger of a breakup of United Technologies in the years
following integration, according to people familiar with the
company's plans.
--Robert Wall contributed to this article.
(END) Dow Jones Newswires
September 04, 2017 19:00 ET (23:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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