Raytheon and United Technologies Corporation have announced that the companies have received the necessary regulatory approvals for their all-stock merger of equals and expect to close the merger prior to the opening of trading on the New York Stock Exchange on Friday, April 3, 2020, Raytheon reported on Monday.
"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 Thomas Kennedy, Raytheon chairman and CEO and 2020 Wash100 Award winner. "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."
With the purchase, United Technologies will be renamed Raytheon Technologies Corporation, and its common stock will trade on the NYSE under the ticker symbol "RTX." The last full day of trading in the shares of Raytheon Company is expected to be Thursday, April 2, 2020, and upon the closing of the merger on Friday, April 3, 2020, each share of Raytheon Company common stock will be converted into the right to receive 2.3348 Raytheon Technologies shares.
"We are excited about the future of Raytheon Technologies. I am exceptionally proud to lead this new organization and the talented people who serve our nation, its allies and our commercial aerospace customers so well," said Greg Hayes, United Technologies Chairman and CEO.
Raytheon announced the acquisition of UTC in June 2019. The combined firm will have expanded research-and-development capabilities to invest through business cycles and meet clients’ priorities and is expected to deliver revenue and cost synergies through the merger of portfolios.
Under the planned merger, four Raytheon businesses will consolidate into two segments – integrated defense and missile system and intelligence, space and airborne systems – and join Pratt & Whitney and Collins Aerospace to form the new entity’s four businesses.
Raytheon Company is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation, Raytheon provides state-of-the-art electronics, mission systems integration, C5I®products and services, sensing, effects and mission support for customers in more than 80 countries.