United Technologies Corp. and Rockwell Collins, Inc., a key corporate partner of the University of Iowa College of Engineering, announced Monday that they have reached a definitive agreement under which United Technologies will acquire Rockwell Collins.

Rockwell Collins, one of the college's strategic recruiting employers and major supporters of academics and research, is a leader in aviation and high-integrity solutions for commercial and military customers and is globally recognized for its leading-edge avionics, flight controls, aircraft interior and data connectivity solutions. For example, the college's Operator Performance Laboratory in the UI Center for Computer-Aided Design, has played an important research role in helping Rockwell Collins in the areas of human-in-the-loop and intelligent autonomous systems to increase efficiency, inter-operability, and safety, especially in flight decks, airborne sensor systems, and Unmanned Aerial Vehicle (UAV) systems.

“We are extremely pleased to announce this compelling transaction with UTC which is a testament to the value we have created for Rockwell Collins’ employees, customers and shareowners,” said Distinguished Engineering Alumni Academy member Kelly Ortberg (BSME 1982), chairman, president and chief executive officer of Rockwell Collins. “The combination will enable us to compete more effectively for future business through continued investments in innovation, world-class integrated product offerings and the ability to retain the top talent in the industry. We look forward to the next chapter in Rockwell Collins’ long and proud history, as part of UTC.”

The purchase price implies a total equity value of $23 billion and a total transaction value of $30 billion, including Rockwell Collins’ net debt.

Upon completion of the transaction, Rockwell Collins and UTC Aerospace Systems will be integrated to create a new business unit named Collins Aerospace Systems. Ortberg will assume the role of chief executive officer.