Raytheon, UTC Shareholders OK All-Stock Merger Deal; Thomas Kennedy, Greg Hayes Quoted

Thomas Kennedy

Stockholders at Raytheon (NYSE: RTN) and United Technologies Corp. (NYSE: UTX) approved at their respective meetings the companies’ agreement to merge in an all-stock transaction to form a technology provider – Raytheon Technologies – within aerospace and defense segments.

The companies agreed to merge in June and Raytheon said Friday both firms expect the transaction to close in the first half of 2020, subject to regulatory approvals and UTC’s completion of the separation of its Carrier and Otis businesses.

Greg Hayes

“Today’s vote reflects a significant step on our path to unite two world-class companies with complementary technologies and supports our view that this merger of equals will create additional growth opportunities while delivering benefits to our shareowners, customers and employees,” said Thomas Kennedy, chairman and CEO of Raytheon and a 2019 Wash100 winner.

Greg Hayes, UTC chairman and CEO, said the combined firm will leverage research-and-development and technological capabilities to deliver novel platforms in support of customer priorities.

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about M&A Activity

Related Articles