British defence company BAE Systems said it was buying two businesses for $2.2 billion to help grow in Electronic Systems, picking up units which had become available as a result of the merger of U.S. rivals Raytheon and United Technologies.
BAE said on Monday that it had entered into an agreement to buy Collins Aerospace’s Military Global Positioning System for $1.925 billion in cash, and a separate agreement for Raytheon’s Airborne Tactical Radios business for $275 million.
“Completion of both acquisitions are subject to successful closure of the Raytheon-United Technologies Corporation (UTC) merger, as well as customary regulatory approvals and conditions,” the company said in a statement. (Reporting by Sarah Young, Editing by Paul Sandle)
Source: Reuters.com