Antitrust Division Files Proposed Settlement To Approve UTC-Raytheon Deal

(RTTNews) - The Department of Justice stated that it is requiring United Technologies Corp. (UTX) and Raytheon Company (RTN) to divest Raytheon's military airborne radios business and UTC's military global positioning systems and large space-based optical systems businesses in order to proceed with their proposed merger. The department's Antitrust Division filed the proposed settlement that, if approved by the court, would resolve the competitive harm alleged in a civil antitrust lawsuit.

"Today's settlement protects the American taxpayer by preserving competition that leads to lower costs and higher innovation in critical military and defense products. The merger, as originally proposed, would have eliminated competition in the supply of military airborne radios and military GPS systems," said Assistant Attorney General Makan Delrahim of the Antitrust Division.