Raytheon, United Technologies merge into $74-billion aerospace giant

Report UTC in talks to merge with defense contractor Raytheon possibly moving headquarters out of Connecticut

Per a news release, the new company will have approximately $74 billion in pro forma 2019 sales.

The merger, announced on Sunday, will close in the first half of 2020 after United Technologies completes the separation of its Otis and Carrier businesses.

"The combination of United Technologies and Raytheon will define the future of aerospace and defense", United Technologies Chairman and CEO Greg Hayes said in a statement about the deal.

Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The companies forecast returning $18 billion to $20 billion to shareholders within three years following merger completion.

As part of the merger, Raytheon will consolidate its four business divisions into two: Intelligence, Space & Airborne Systems and Integrated Defense & Missile Systems.

The combined company will have about $26 billion in debt, with $24 billion coming from UTC.

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Pratt & Whitney, which operates as a subsidiary of United Technologies, builds the engines that power Airbus' A220, and A320neo and A380 commercial jets.

Eventually, the companies expect the merger will cut $1 billion in costs annually, half of which will be returned to customers.

UTX and RTN have followed in the footstep of Harris (HRS) and L3 Technologies (LLL), which a year ago announced an all-stock merger. "Raytheon Technologies will continue a legacy of innovation with an expanded aerospace and defense portfolio supported by the world's most dedicated workforce", Tom Kennedy, Raytheon Chairman and CEO said, adding that "with our enhanced capabilities, we will deliver value to our customers by anticipating and addressing their most complex challenges, while delivering significant value to shareowners". A deal with United Technologies would allow Raytheon to expand into commercial aviation. Raytheon will contribute seven of the 15 board positions, including the lead director.

Raytheon Technologies will be based near Boston.

United Technologies logo is displayed on a screen at the post where it's stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 5, 2017. Blumenthal, a member of the Senate Armed Services Committee, also urged the Defense Department, the Justice Department and other agencies to examine the potential impact on costs and competition in the defense industry. While billed as a merger of equals, current United Technologies shareholders will own most of the company after the transaction, which has an equity value of $86 billion, according to data compiled by Bloomberg.



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