BRUSSELS, Belgium (AP) - United Technologies Corp., which owns Otis elevators and Sikorsky helicopters, won European Union approval Tuesday to buy the electronic security division of Britain's Rentokil Initial for $1.16 billion.
The European Commission said it could clear the deal because it would not damage competition in the European market even though there would be overlaps in Britain and the Netherlands.
Both companies sell alarm monitoring services and install and maintain electronic security systems in those countries but their combined market position would still be limited, regulators said.
''The Commission's market investigation confirmed that several reliable companies capable of supplying these services to customers of all sizes would remain in the market,'' it said.
Rentokil's Initial Electronic Security Group operation sells integrated security systems, intrusion detection, closed-circuit televisions, access control and security software.
The business generated $580 million in sales last year, has operations in Britain, the Netherlands, France and the U.S. and employs 3,400 people in more than 100 branch locations.
United Technologies also owns the heating and air conditioning unit manufacturer Carrier and aircraft engine maker Pratt & Whitney.
Rentokil Initial operates a variety of businesses including pest control and commercial kitchen cleaning.
