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March 30, 2020

UTC-Raytheon to complete $180B mega-merger this week

utc carrier otis HBJ File Photo A building on UTC's Farmington headquarters campus.
By Joe Cooper

Farmington conglomerate United Technologies Corp. says it will complete its planned $180-billion mega-merger with Massachusetts defense giant Raytheon this week.

UTC and Raytheon on Monday announced they have received all federal regulatory approvals to close on its deal prior to the start of trading on the New York Stock Exchange Friday morning. 

The deal will be completed Friday as UTC subsidiaries Otis Elevator, of Farmington, and Carrier Corp., of Florida, also begin to operate as two independent companies.

Upon completion, the combined company will be known as Raytheon Technologies Corp. headquartered in Waltham, Mass., and the new entity will trade under the ticker symbol “RTX.”

"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,” said Raytehon CEO and Chairman Tom Kennedy.

The impending deal comes as no surprise just days after the U.S. Department of Justice reached an agreement to allow UTC and Raytheon to complete their proposed merger as long as they make certain divestitures.

The DOJ said that without the selloffs, the deal would substantially curb competition for a number of military products, including radio navigation units, GPS systems and electro-optical/infrared reconnaissance satellites.

UTC and Raytheon announced last June that they agreed to combine in an all-stock deal.

UTC had about 19,000 Connecticut employees as of September, according to HBJ’s Book of Lists. Worldwide, the company had more than 243,000 employees as of the end of 2019.

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