42 The US Justice Department has given its approval for the planned merger between United Technologies Corporation (UTC) and Raytheon Co, albeit with certain conditions, the agency announced on Thursday. The merger, agreed upon in June, involves the combination of UTC’s aerospace business with Raytheon, resulting in the formation of a new company valued at approximately $121 billion, marking the largest merger in the sector’s history. Earlier in March, the merger received antitrust clearance from the European Union. To secure approval from US authorities, the companies agreed to divest certain assets. This includes Raytheon’s military airborne radios business, along with facilities located in Indiana and Florida, as well as UTC’s military global positioning systems, including a facility in Connecticut. These businesses are to be sold to BAE Systems Inc or another buyer approved by the Justice Department. Notably, the Justice Department highlighted that both companies are key suppliers to the Defense Department for military airborne radios and military GPS systems for air and sea. Additionally, they are among the few suppliers responsible for producing components for specific military satellites, such as those involved in missile launch warning systems. In response to this concern, the department mandated the divestiture of UTC’s significant space-based optical systems businesses as well. You Might Be Interested In Egypt Considers Issuing Bonds in Emirati Dirhams and Indian Rupees, Minister Reveals Globe Life Shares Plummet Following Fuzzy Panda’s Short Position HSBC Completes Sale of Retail Banking Business in France Zambia’s Debt Deal Faces New Challenge Amid Official Sector Concerns UK Trade Minister: FTA with India Possible Before Elections Oil Updates — crude prices steady; QatarEnergy reports 58% surge in profit