The EU on Tuesday conditionally approved Boeing’s $4.7-billion acquisition of US company Spirit AeroSystems after the US aircraft manufacturer offered commitments to address the bloc’s concerns.
Boeing announced the deal last year to reacquire Spirit, which it spun off in 2005 to lower costs, but the EU had initial concerns it would reduce competition.
The European Commission, the EU’s antitrust regulator, has now given the green light for the acquisition after Boeing offered remedies.
The commitments include selling to Airbus all Spirit’s businesses that currently supply the European aerospace group — Boeing’s main competitor.
Boeing must also sell Spirit’s site in Malaysia — that supplies, among others, Airbus with aerostructures — to Composites Technology Research Malaysia, the commission said.
“Boeing’s commitments will preserve competition in this crucial market and enable the entry of a new rival, and ensure commercial aircraft makers get the parts they need at competitive prices,” EU antitrust chief Teresa Ribera said.
