- The U.K. government has approved the £6.3B acquisition of Meggitt by Parker Hannifin ( NYSE: PH ).
- The U.K.'s secretary of state for business, energy and industrial strategy has accepted the competition and national security undertakings provided by the acquirer.
- The country's government had said late-June that it was "minded to accept" Parker Hannifin's actions to address its concerns over the planned acquisition, and the decision was subject to a public consultation period.
- The acquirer has signed certain legally binding economic commitments with the government.
- Also, PH has agreed to increase Meggitt's R&D expenditure in the U.K. by at least 40%, and its U.K. apprenticeship opportunities by 20%.
- The acquisition is expected to close in Q3.
- Source: Press Release
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UK government approves Parker Hannifin's £6.3B acquisition of Meggitt