📋 Tender Overview
The Competition Bureau has concluded its review of the proposed merger between United Technologies Corp. UTC and Raytheon Company and has issued a No Action Letter NAL to the companies.The NAL confirms that the Bureau will not challenge the proposed merger at this time. The terms of the NAL are subject to the implementation of the settlement agreement between the merging parties and the United States Department of Justice U.S. DOJ as well as the European Commission Directorate-General for Competition EC.The Bureau concluded that the proposed transaction would lead to a likely substantial lessening of competition in certain markets related to the military airborne radios and military GPS businesses of the merging parties. However remedies obtained by the U.S. DOJ and the EC would see UTC sell its military GPS business and Raytheon sell its military airborne radios business in their entirety to BAE Systems Inc. or another approved buyer.The Commissioner of Competition is satisfied that the remedies prescribed by these agreements adequately resolve the Bureaus concerns with this transaction.As UTC and Raytheon supply and distribute products to Canadian and foreign markets the Bureau carried out its review in cooperation with the U.S. DOJ and the EC. Each authority reviewed the effects of the transaction under its distinct legal framework.
