Chinese regulators have given United Technologies Corp. (NYSE: UTX) the green light to pursue its planned $30B acquisition of Rockwell Collins (NYSE: COL).
UTC said Friday the approval marks the final regulatory clearance the company needed to complete its purchase of the Cedar Rapids, Iowa-based avionics contractor.
Farmington, Conn.-based conglomerate UTC agreed in September to pay approximately $23B in cash and stock and assume $7B in net debt from Rockwell Collins in a push to expand its footprint in the aerospace market.
UTC said it expects to wrap up the acquisition within three business days following the approval in China.
