PARIS (dpa-AFX) - The UK Competition and Markets Authority or CMA announced that it is investigating Safran S.A.'s (SAFRF.PK) anticipated acquisition of a part of the actuation and flight control business of Collins Aerospace, affiliated to RTX Corp.
It was in July 2023 that Safran, the French aircraft equipment manufacturer, announced its agreement to acquire Collins Aerospace's actuation and flight control business for an enterprise value of $1.8 billion.
In a statement, the CMA now said it is considering whether or not the deal will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002. The probe also includes whether the proposed merger will result in a substantial lessening of competition within any market or markets in the UK for goods or services.
The deadline for the CMA to announce its decision whether to refer the merger for a phase 2 investigation is April 16.
According to Safran, Collins Aerospace's high-technology actuation and flight control activities are mission critical for commercial & military aircraft and helicopters. In 2023, the business had around 3,700 employees across eight facilities in Europe and in Asia.
In Paris, Safran shares were trading at 254.50 euros, up 0.95%.
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