Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Lockheed Scraps Aerojet Deal After FTC Takes Tough Stance (3)

Feb. 14, 2022, 2:40 PM

Lockheed Martin Corp. ended its bid to buy Aerojet Rocketdyne Holdings Inc. after the Federal Trade Commission sued to block the $4.4 billion deal on the grounds it would hurt competition among defense contractors.

The planned acquisition would have led to “greater efficiency, speed, and significant cost reductions for the U.S. government,” Lockheed Martin Chairman and Chief Executive Officer James Taiclet said in a statement. “However, we determined that in light of the FTC’s actions, terminating the transaction is in the best interest of our stakeholders.”

The unraveling merger complicates Bethesda, Maryland-based Lockheed’s efforts to develop hypersonic weapons -- ...