- Defence company BAE Systems said that it had entered into an agreement to acquire Collins Aerospace's military global positioning system business for $1.93bn.

The company also entered into an agreement to acquire Raytheon's airborne tactical radios business for $275m.

Completion of both acquisitions was subject to successful closure of the Raytheon-United Technologies Corporation merger, as well as customary regulatory approvals and conditions.

'These proposed acquisitions present a unique opportunity to add high quality, technology focused businesses to our electronics systems sector,' chief executive Charles Woodburn said.

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