Raytheon and United Technologies have announced that they now have the necessary regulatory approvals for their all-stock merger of equals, pending divestitures.
The required divestitures include Raytheon’s military airborne radios business and United Technologies’ military Global Positioning System (GPS) and Space Optical Systems businesses, which are all expected to be completed following the merger.
The companies expect to close the merger prior to the opening of trading on the New York Stock Exchange on Friday, April 3, 2020.
Upon the closing of the merger, United Technologies will be renamed Raytheon Technologies Corporation, and its common stock will trade on the NYSE under the ticker symbol “RTX.”
“We are pleased to have received all the necessary regulatory approvals, which clears the way for the successful completion of our merger of equals,” said Tom Kennedy, Raytheon Chairman and CEO. “We are more than just two businesses coming together – Raytheon Technologies will be uniquely positioned to deliver advanced and innovative solutions to our customers while delivering significant value to shareowners.”
Immediately prior to the closing of the merger, United Technologies will effect the separations of its Otis and Carrier businesses into separate publicly-traded companies. Carrier will trade under the ticker symbol “CARR” on the NYSE and Otis will trade under the ticker symbol “OTIS” on the NYSE.