Hartford, Connecticut - United Technologies Corp has announced its $1 billion purchase of Chubb PLC, a London-based prvider of electronic security and fire protection products and services.

The cash deal was approved unanimously by the boards of both companies, UTC said late Wednesday.

Chubb has about 48,000 workers and reported revenue of $2.5billion last year.

UTC said the transaction will expand its commercial businesses, which include Otis Elevators and Carrier air conditioning systems.

UTC will assume Chubb's debt which was $934 million as of April 30, up from $779 million as of Dec 31, 2002.

"Chubb fits directly into UTC's business mix and acquisitions strategy," said George David, chairman and chief executive of United Technologies. "The company is market leader in commercial security services and fire protection, and these businesses have substantial markets."