TransDigm (TDG), United Tech (UTX) Terminate $236M Asset Sales Agreement
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TransDigm Group Incorporated (NYSE: TDG) announced today that the Company, its subsidiary, TransDigm Inc., and Goodrich Corporation, a subsidiary of United Technologies Corporation (NYSE: UTX), have mutually agreed to terminate the previously announced asset purchase agreement between them dated October 25, 2012, pursuant to which TransDigm would acquire the pump & engine control systems business of Goodrich (GPECS), for approximately $236 million in cash.
The termination follows notice by the Department of Justice that it objected to the transaction. Under a consent agreement between UTC and the Department of Justice, approval of the Department of Justice of the transaction was required and was in the Department of Justice's sole discretion.
The termination follows notice by the Department of Justice that it objected to the transaction. Under a consent agreement between UTC and the Department of Justice, approval of the Department of Justice of the transaction was required and was in the Department of Justice's sole discretion.
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