THE aerospace and defence firm Meggitt is set to be taken over in a £6.3billion deal after the government said it was minded to accept undertakings from an American competitor.

The bid to buy Meggitt, which has a Meggitt Aviionics site at Titchfield Park, Fareham, is subject to a public consultation which runs until July 13.

But business secretary Kwasi Kwarteng was minded to accept suitor Parker-Hannifin’s “legally binding undertakings” over competition and national security.

Tom Williams, Parker-Hannifin chairman and chief executive, said: “We are pleased that following very constructive engagement with the UK government, the secretary of state is minded to accept the national security and competition undertakings we have offered as part of our pending acquisition of Meggitt.

“The combination of Parker and Meggitt is an exciting opportunity for both companies and we look forward to welcoming Meggitt to the Parker team.”

Meggitt agreed a deal last year to sell itself to Parker-Hannifin.

The deal was approved by the EU Commission, with some conditions, but the UK opened an investigation over national security concerns, because of the business’s major defence contracts.

Tracing its roots to a company that produced equipment for hot air balloons in the 1850s, Meggitt now supplies parts for both Boeing and Airbus and its brakes are used by militaries.

The business moved its headquarters from Bournemouth Airport to Coventry in 2020. 

READ MORE: Meggitt investors back £6.3billion takeover by US firm

Parker-Hannifin said in May it had agreed to sell its aircraft wheel and brake division to industrial machinery maker Kaman Corp to help address UK competition concerns.

The UK government also said that Parker has pledged to honour its existing contracts to its defence ministry and agreed to protect sensitive government information in Meggitt.

​Parker said it will continue to engage with the government and competition watchdog and still expects to complete the deal in the third quarter.