LONDON: "British defense and aerospace company Meggitt has agreed to a £6.3 billion (U.S. $8.8 billion) takeover by Parker Hannifin. It’s the second time in recent weeks a major British defense company has been targeted by an American rival in a merger bid. Meggitt announced Aug. 2 that it had recommended the bid by Cleveland-based Parker Hannifin but only after the U.S. company agreed to contractual commitments ensuring, for the time being, Meggitt retains a significant presence in the U.K.

Concerns are growing in the U.K. about the future ownership of the local aerospace and defense sector in the face of takeover bids from foreign companies. In June, electronic warfare and sonar specialist Ultra Electronics was the subject of a takeover bid from Cobham, which is owned by a U.S. private equity firm.

Meggitt had revenues of $2.3 billion in 2020 and employs about 9,000 people globally. Some 46 percent of its revenues are generated from the defense sector. The acquisition of Meggitt nearly doubles the size of the U.S. company’s aerospace systems segment."

https://www.defensenews.com/industry/2021/08/02/american-firm-to-take-over-britains-meggitt-in-88-billion-deal/