Parker-Hannifin Corp., in September last year, got approval from Meggitt P.L.C. shareholders, clearing the first of many hurdles for its $8.7 billion acquisition of the United Kingdom-based aerospace and defense supplier.
Once finalized, the deal will be Parker's largest ever.
Nine months after receiving shareholders' approval, Mayfield Heights, Ohio-based Parker got another go-ahead for the deal, this time earning the approval of the the U.K. Secretary of State for Business, Energy and Industrial Strategy. Parker received word June 28 that the government was "minded" to accept measures to address competition and national security concerns.
The June approval followed the April clearance by the European Commission.
And on July 21, the U.K. gave Parker the official "go-ahead" for its acquisition of Meggit.
Business Secretary Kwasi Kwarteng said approval of the deal follows review of advice from the U.K. Ministry of Defence and the Competition and Markets Authority.
For its part, Parker has agreed to divest its aircraft wheel and brake division, a move required to close on the Meggitt deal. Bloomfield, Conn-based Kaman Corp. is poised to pay $440 million for the unit.
Meggitt, headquartered in Coventry, England, had sales of about $2.3 billion in 2020, and it has more than 9,000 employees.
Mayfield-based Parker-Hannifin, a motion and control technologies manufacturer, serves a range of end markets including aerospace, electronics, health care, off-road machinery, oil and gas, and transportation. It recently took the No. 1 spot on Rubber News' inaugural ranking of global hose manufacturers.