March 2017: Rockwell Collins and B/E Aerospace each said their respective shareholders had approved the companies’ merger.
Cedar Rapids, Iowa-based Rockwell Collins (which specializes in, among other areas, flight deck avionics and cabin electronics) in October 2016 announced that it would acquire airplane cabin interior product supplier B/E Aerospace for approximately $6.4 billion in cash and stock. It also agreed to take on $1.9 billion in Wellington, Florida-based B/E Aerospace’s net debt.
March 2018: (UTC) and Boeing ink ‘win-win’ deal, clearing way for Rockwell (RCO) merger.
United Technologies (UTC), which is in the process of buying Rockwell Collins (RCO), has signed an agreement with ultra-important customer Boeing (TBC), representing a green light for (UTC)’s acquisition and consolidation of major aerospace and defense suppliers.
Rockwell Collins (RCO) said on March 9 that its shareholders had approved the issuance of common stock needed to complete the acquisition. “Our share owners demonstrated clear and overwhelming support with >90% of the votes cast at our special meeting voting in support of our acquisition of B/E Aerospace,” Rockwell Collins Chairman, President and (CEO) Kelly Ortberg said. The company added that the purchase “is expected to close later this spring upon completion of all requisite regulatory approvals and other customary closing conditions.” B/E Aerospace said 99% of votes cast at its special meeting of shareholders approved the transaction.
The merger agreement calls for each share of B/E Aerospace common stock to be canceled and automatically converted into the right to receive $34.10 in cash, without interest, and 0.3 of a share of Rockwell Collins common stock. “Based upon Rockwell Collins [stock’s] closing price of $97.65 on March 8, 2017, the total implied value for each B/E Aerospace share is $64.38,” B/E Aerospace said.
February 2018: Rockwell Collins (RCO) had $280 million net income for 1st quarter ended December 31 (vs $145 million a year ago) on +69% higher sales, or +9% organic growth excluding B/E Aerospace.