Five Issues in Reviewing a Lockheed-Aerojet Merger

In December the world’s biggest military contractor, Lockheed LMT -0.8% Martin, disclosed plans to acquire Aerojet Rocketdyne AJRD -0.4%. Aerojet is the number-two ranked builder of rocket engines in the U.S., a key player in military and civil-space markets.

Many observers assumed the deal would receive favorable treatment from regulators, because in 2018 Northrop Grumman NOC -2.2% was permitted to acquire Orbital ATK, Aerojet’s main competitor in the domestic market for rocket engines.


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