Rockwell Collins, Inc. (NYSE:COL) will be acquired by United Technologies Corporation (NYSE:UTX) in a $23 billion cash and stock deal. The transaction prices COL stock at $140 a share, an 18% premium to where it traded last month when the deal initially made news.

In what will be the biggest aerospace deal in history, industry watchers expect it to reshape the market for aerospace parts, according to a report in the Wall Street Journal.

It’s no secret that the avionics and information technology services provider has been considering selling itself, and the company is roughly valued at $19 billion. The move would help Rockwell Collins’ CEO Greg Hayes return $22 billion to shareholders in dividends and buybacks.

COL stock was up 2.6% at 4:05 a.m. Eastern, in pre-market trading. The shares had gained 9.8% through Sept. 1 since reports of the deal first surfaced in early August.