WASHINGTON -- Defense contractor General Dynamics Corp. said Thursday that U.S. antitrust enforcers had approved its bid to buy General Motors' defense unit for $1.1 billion.
General Dynamics spokeswoman Norine Lyons said the Justice Department had ended its review of the deal without taking any action. The deadline for it to extend the investigation expired Thursday night, she said.
Lyons said the company expects to close the transaction by the end of February.
GM's defense unit expects $950 million in revenue in 2002 and has a backlog -- contracts from its customers -- of more than $1.5 billion.
The deal follows a recent Pentagon decision to include $1.5 billion in the fiscal 2004 budget to pay for a fourth brigade of Stryker combat vehicles, which are being made by a joint venture of General Dynamics and the GM defense unit.
New combat vehicles such as Stryker are part of the U.S. military's bid to transform itself into a faster, more mobile fighting force to deal with new threats around the the world.