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  • Friday, November 22, 2024

Greg Hayes: UTC Targets Q3 2018 for Rockwell Collins Deal Completion


Greg Hayes

Greg Hayes, CEO of United Technologies Corp. (NYSE: UTX), has said the company is œon track with the regulatory clearance process and in the final phase of completion with regard to its pending $30 billion acquisition of Rockwell Collins (NYSE: COL), The Gazette reported Tuesday.

œWe expect the transaction to close here still in the third quarter, Hayes said during an earnings call Tuesday.

The report said the deal has secured approval from the European Union and the Philippines.

Farmington, Connecticut-based conglomerate UTC announced in September 2017 that it will pay approximately $23 billion in cash and stock, or $140 per share, and assume $7 billion in net debt to acquire the Cedar Rapids, Iowa-based avionics contractor to establish a new division that will operate as Collins Aerospace Systems.

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