French jet engine maker Safran is set to buy a flight controls business from Collins Aerospace for an enterprise value of $1.8bn in a bid to gain market share as aircraft become increasingly reliant on computerised parts.
The deal, based on a pure cash offer, would be the biggest for Safran since its acquisition of seats maker Zodiac in 2018, and targets a rapidly evolving market for cockpit and aeroplane controls.
Safran said on Friday it would buy the unit from Collins, a subsidiary of US-based Raytheon Technologies, now known as RTX. Raytheon is one of America’s top five “prime” contractors with the Pentagon, with operations including its defence and missile businesses, and engine maker Pratt & Whitney.
Read the full story on the Financial Times here.