BAE Systems Announces Proposed Acquisition of Collins Aerospace’s Military Global Positioning System Business and Raytheon’s Airborne Tactical Radios Business
BAE SYSTEMS PLC S/ADR (BAESY)
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Source: Business Wire
ARLINGTON, Va.--(BUSINESS WIRE)--BAE Systems, Inc. announced today it has reached definitive agreements for the proposed acquisitions of Collins Aerospace’s military Global Positioning System (GPS) business and Raytheon’s Airborne Tactical Radios (ATR) business. These two high-performing businesses are being sold in connection with obtaining the required antitrust clearances for the previously announced pending merger between Raytheon and United Technologies Corporation (UTC).The proposed acquisitions are structured as asset transactions with associated tax benefits, and they remain subject to customary closing adjustments. The asset purchase agreement for the Collins military GPS business calls for cash of $1.925 billion, with an expected tax benefit of approximately $365 million. For Raytheon’s ATR business, the purchase agreement calls for cash of $275 million, with an expected tax benefit of approximately $50 million.“As militaries around the world increasingly operate in cont
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