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Raytheon and United Technologies aerospace businesses to merge

Raytheon Company and United Technologies have entered into an agreement to combine in an all-stock merger of equals.

The transaction will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defence.

The merger of Raytheon, a leading defence company, and United Technologies, a leading aerospace company, comprised of Collins Aerospace and Pratt & Whitney, will offer a complementary portfolio of platform-agnostic aerospace and defence technologies.

The combined company, which will be named Raytheon Technologies Corporation, will offer expanded technology and R&D capabilities to deliver solutions aligned with customer priorities and the national defence strategies of the US and its allies.

The combination excludes Otis and Carrier, which are expected to be separated from United Technologies in the first half of 2020 as previously announced.

The combined company will have approximately $74 billion in pro forma 2019 sales.

The merger is expected to close in the first half of 2020, following completion by United Technologies of the separation of its Otis and Carrier businesses.