Raytheon and UTC receive shareholder approval for merger

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Shareholders of armour contractor Raytheon Company and United Technologies Corp (UTC) have approved a offered merger deal.

During their respective shareholder meeting, all of the needful proposals to close the merger were approved.

The transaction involves relating UTC’s aerospace businesses Collins Aerospace and Pratt & Whitney with Raytheon.

The newly pooled entity would be called Raytheon Technologies Corporation.

Raytheon chairman and CEO Tom Kennedy communicated: “I am pleased that the shareowners of Raytheon and UTC voted in favour of our powerful principal combination.

“Today’s vote reflects a significant step on our path to commingle two world-class companies with complementary technologies and supports our view that this fusing of equals will create additional growth opportunities while ceding benefits to our shareowners, customers and employees.”

The all-stock deal merger was proclaimed in June. UTC shareholders will own 57% of the combined company and the remaining 43% commitment be held by Raytheon shareholders.

The deal is expected to close earlier next year after junction mandatory customary closing conditions and receiving required regulatory authorizations.

It is also dependent on UTC’s separation of its Otis and Carrier businesses, which leave allow the company to focus on aerospace.

United Technologies chairman and CEO Greg Hayes: “Today is an material milestone in our transformational merger, which will define the future of aerospace and explanation.

“With our technological and R&D capabilities, Raytheon Technologies will deliver innovative and cost-effective mixings aligned with the highest customer priorities for decades to come.”

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