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The U.K. Competition and Markets Authority said Friday it will not open an in-depth probe into Boeing’s deal (NYSE:BA) to acquire Spirit AeroSystems (NYSE:SPR), effectively clearing the $4.7B deal weeks after it launched the first phase of an investigation.
The antitrust watchdog concluded the deal would not stifle competition and that the transaction would not require a more in-depth probe.
A Spirit (NYSE:SPR) spokesperson said progress continued toward completion of the deal, which is expected to close in Q4.
Spirit (SPR), which split from Boeing (NYSE:BA) two decades ago, has been at the center of quality issues affecting 737 MAX jets; Spirit’s factory in Wichita, Kan., made the fuselage involved in last year’s Alaska Airlines door-plug blowout.
Aside from problems affecting Boeing (BA) jets, Spirit (SPR) also has been under scrutiny for supply chain snags that have slowed aircraft assembly for Boeing’s European rival, Airbus.
Boeing (BA) agreed to buy back Spirit (SPR) in July 2024 for $37.25/share in an all-stock deal that valued the key Boeing supplier at $4.7B, or $8.3B when including Spirit’s net debt.