(MENAFN) The US Federal Trade Commission (FTC) has approved General Electric's USD4.3 billion bid for Italian plane components maker Avio's aviation business, reuters reported.
The antitrust green light was contingent on GE agreeing to not interfere with Avio's AeroEngine division's development of a key engine component for GE rival Pratt & Whitney.
The FTC said that Avio makes the accessory gearbox for Pratt & Whitney and only GE and Pratt & Whitney make engines for Airbus's A320neo aircraft.
GE recently won EU clearance for the transaction after agreeing to protect strategic information related to the Eurofighter project.
Avio is a key supplier to the Eurofighter, which competes with other combat planes powered by GE engines.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.