The European Commission (EC) has approved UK-based GKN’s proposed acquisition of Netherlands-based Fokker Technologies for €706m.
The agency has concluded that the merger will not have any impact on competition as the overlaps between companies’ activities are very limited.
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GKN signed a deal in July to buy Fokker from Arle Capital in line with plans to strengthen its presence in the aerospace industry.
The transaction will combine two technology companies that offer various products for major aircraft platforms.
GKN Aerospace CEO Kevin Cummings previously said: "Strategically, this acquisition strengthens GKN Aerospace’s position as a market leader, enhances its global manufacturing footprint and adds new technology.
"It also increases GKN’s shipset value on key growth programmes in both the commercial and military markets."
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By GlobalDataFokker is a Tier 1 supplier of lightweight aero-structures, electrical wiring interconnection systems and landing gear to commercial, military, and business jet segments.
The company also provides maintenance, modification and logistic services to aircraft owners and operators. It has a workforce of around 5,000 with operations in Europe, North America and Asia.
At the end of last year, Fokker recorded revenues of €758m.
Subject to consultation procedures, the deal is expected to be concluded during the fourth quarter.
Following the deal, Fokker will continue to be based in the Netherlands, and become a new operating unit within GKN Aerospace.
Image: GKN’s innovative wing leading-edge composite sandwich panel. Photo: courtesy of GKN Aerospace.
