By Foo Yun Chee
BRUSSELS (Reuters) -Boeing secured EU antitrust approval on Tuesday for its $4.7 billion acquisition of Spirit AeroSystems after agreeing to sell some Spirit businesses to address competition concerns.
The deal announced last year aims to help Boeing streamline its operations and improve quality control, years after it spun off the airline supplier.
Boeing offered remedies after the European Commission, which acts as the EU antitrust enforcer, said the deal would have significantly reduced
competition in the global aerostructure market and in the large commercial aircraft sector.
The Commission said it accepted Boeing's offer to divest all of Spirit's businesses that currently supply aerostructures to Airbus to the European rival, confirming a Reuters story last week.
Boeing will also sell Spirit's site in Malaysia, which supplies aerostructures to Airbus, to Composites Technology Research Malaysia Sdn Bhd, allowing the Malaysian company to enter the market.
"Boeing's commitments will preserve competition in this crucial market and enable the entry of a new rival, and ensure commercial aircraft makers get the parts they need at competitive prices," EU antitrust chief Teresa Ribera said in a statement.
The deal is awaiting U.S. approval.
"We are committed to fulfilling the remaining regulatory approvals and closing conditions necessary to complete this acquisition, which will further strengthen our ability to manufacture safe, high-quality airplanes for our customers and benefit the flying public," a Boeing spokesperson said.
Spirit said it was working to meet closing conditions and complete further planning with Boeing, Airbus, and Composites Technology.
"This is another milestone toward transaction closure, expected this quarter," Spirit AeroSystems spokesperson Joe Buccino said.
(Reporting by Foo Yun Chee, additional reporting by Allison Lampert in Toronto; editing by Rod Nickel)
