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The competition regulator in Britain has announced it is proceeding with the preliminary probe into Boeing Co.'s (NYSE:BA) acquisition of Spirit Aerosystems Holdings Inc. (NYSE:SPR)
What Happened: The Competition and Markets Authority (CMA) announced it will begin its phase 1 investigation into the deal, worth $4.7 billion, with a decision to be taken by August 28, Reuters reported on Monday.
Boeing did not immediately respond to Benzinga’s request for comment.
"The inquiry by the Competitions and Markets Authority was anticipated and is part of the normal process for acquisitions of this nature," a spokesperson for Spirit cited in the report said.
Why It Matters: Spirit recently penned a deal with Boeing's rival aircraft manufacturer, Airbus SE (OTC:EADSY) (OTC:EADSF), to acquire certain assets, which would pave the way for Boeing to acquire Spirit, which spun off from the aerospace giant in 2005.
Boeing, meanwhile, has appointed Jay Malave as the company's new CFO amid questions raised about the aircraft manufacturer's safety and quality practices in the aftermath of the fatal 787 Dreamliner crash in India's Ahmedabad.
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