FTC is suing to block Lockheed Martin’s purchase

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Four Aerojet Rocketdyne RS-25 engines mounted on the core stage of NASA’s Space Launch System rocket.

NASA

Federal Trade Commission filed proceedings to block on Tuesday Lockheed MartinPlanned acquisition of Aerojet RocketdyneMake rocket engines and spacecraft propulsion.

“If the deal is allowed to proceed, Lockheed will use Aerojet’s control to harm rival defense contractors and open multiple markets essential to national security and defense, the FTC said in a statement. It claims to be more integrated. “

Earlier on Tuesday, both Lockheed and Aerojet warned shareholders in the FTC proceedings. Aerojet Rocketdyne’s share price has fallen 15% from its previous close of $ 45.

Defense giant In December 2020, it announced its intention to purchase Aerojet for $ 4.6 billion. Stock valuation. The transaction was expected to close in the second half of last year, but due to an FTC review, the transaction has been postponed until this month.

Lockheed is Aerojet’s largest customer, accounting for approximately 33% of sales. The United Launch Alliance (ULA) accounts for an additional 10% of Aerojet’s sales. This is a further complement to Lockheed Martin, which owns a 50% stake in ULA as a joint venture with. Boeing..

At Lockheed’s fourth-quarter conference call on Tuesday, CEO Jim Takerate decides whether to defend or terminate the transaction after the merger agreement with Aerojet allows a 30-day review period after the proceedings are filed. Said. If the FTC proceedings are brought to court, the proceedings will begin on June 16.

FTC is suing to block Lockheed Martin’s purchase

Source link FTC is suing to block Lockheed Martin’s purchase

The post FTC is suing to block Lockheed Martin’s purchase appeared first on Eminetra.

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