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Acquisition of Rockwell Collins Overwhelmingly Approved by Shareowners

January 25, 2018
Business Aviation News
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Rockwell Collins Special Meeting Over Acquisition | Aviation NewsIt has been announced that Rockwell Collins shareowners voted overwhelmingly in favour of the UTC acquisition in the special meeting that took place earlier this month. More than 96% of the votes cast during the meeting were cast in support of the proposition, which represented over 72% of all shares of common stock.

Kelly Ortberg, President and CEO of Rockwell Collins said, ‘Shareowners have made clear their support for this acquisition, bringing it one step closer to reality. As Collins Aerospace, we’ll be a stronger company, with attractive aerospace product and service portfolios, and ultimately, better positioned for long-term success.’

Now the proposed acquisition will require regulatory approval, and customary closing condition will need to be met, but the transaction to create the new UTC business, Collins Aerospace Systems, is expected to be completed before the end of the year.

Rockwell Collins Shareholders to Meet and Vote on Acquisition Proposals in January 2018

December 15, 2017
Business Aviation News
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Rockwell Collins Special Meeting Over Acquisition | Aviation NewsFollowing the recent announcement of Rockwell Collins’ proposed acquisition by United Technologies Corp., a special meeting of shareholders is to take place on January 11, 2018, when a vote will be taken on the proposals in connection with the deal.

The details are currently lodged with the Securities and Exchange Commission in the form of a definitive proxy statement and prospectus filed by the two companies at the beginning of December. All Rockwell Collins shareholders will be entitled to vote, providing they were on record by the end of play on December 8, 2017. This document will be sent separately to shareholders directly.

This special meeting will handle the shareholder vote only, and will not affect the scheduled Annual Meeting of Shareowners on February 1, 2018.

UTC to Acquire Rockwell Collins in $30 Billion Deal

September 9, 2017
Business Aviation News
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Rockwell Collins to be Acquired by UTC | Aviation Industry NewsIt has been announced that United Technologies Corporation (UTC) are to purchase Rockwell Collins in a $30 billion deal including cash and UTC stocks.

UTC Chairman and CEO, Greg Hayes said, ‘This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems. Together, Rockwell Collins and UTC Aerospace Systems will enhance customer value in a rapidly evolving aerospace industry by making aircraft more intelligent and more connected.’

The deal, which has been agreed, but not yet finalised and approved, will deliver greater strategic options for UTC, and will result in the creation of a new business – Collins Aerospace Systems – with Kelly Ortberg in the role of CEO and Dave Gitlin as President and COO.

Mr Hayes continued, ‘We have demonstrated we can successfully integrate large acquisitions into our business and I have full confidence that the team has the capability to do it again.’

The agreed terms will give each Rockwell Collins shareholder a cash sum of $93.33 per share, and $46.67 shares of UTC stock. The final purchase price will take debt issuances into account, and delivers a total equity value of $23 billion. The deal is subject to shareholder and government regulatory approval, and is expected to be completed by the end of 2018.

Rockwell Collins’ current CEO, President and Chairman, Kelly Ortberg said, ‘We are extremely pleased to announce this compelling transaction with UTC which is a testament to the value we have created for Rockwell Collins’ employees, customers and shareowners. The combination will enable us to compete more effectively for future business through continued investments in innovation, world-class integrated product offerings and the ability to retain the top talent in the industry. We look forward to the next chapter in Rockwell Collins’ long and proud history, as part of UTC.’