Raytheon Will Challenge Lockheed/Aerojet Deal

Raytheon Technologies (NYSE: RTX) says it intends to challenge a planned $4.4 billion acquisition of Aerojet Rocketdyne (NYSE: AJRD) by Lockheed Martin (NYSE: LMT) on concerns the deal is anticompetitive. In December, Lockheed announced plans to buy Aerojet to bring the latter's propulsion and rocket technologies in-house. The deal is similar to Northrop Grumman's (NYSE: NOC) purchase of Orbital ATK in 2018, and would leave the nation's defense contractors with no independent propulsion specialist to source product from.