Parker Hannifin, a provider of motion and control technologies, completed the acquisition of Meggitt, a British international company specialising in components and sub-systems for the aerospace, defence and selected energy markets, for $8.8bn. "The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities. We strongly believe Parker is the right home for Meggitt. Together, we can better serve our customers through innovation, accelerated R&D and a complementary portfolio of aerospace and defense technologies," Tom Williams, Parker Hannifin Chairman and CEO. On August 11, 2021, TransDigm, an aerospace manufacturing company, confirmed it approached Meggitt regarding the possible $9.7bn bid for the company. Meggit said it supports the Parker offer, but will review the alternative bid. On August 16, 2021, UK Takeover Panel set TransDigm a deadline for a counterbid on September 14, 2021. On September 7, 2021, TransDigm terminated its takeover offer to acquire Meggitt. On September 21, 2021, Meggitt shareholders approved the $8.8bn acquisition by Parker Hannifin. On October 19, 2021, UK intervenes in Parker bid for Meggitt. On August 26, Parker Hannifin has won all the necessary antitrust and foreign investment approval.