Raytheon
The merged entity will be called Raytheon Technologies Corporation. Credit: Coolcaesar.

Technology company Raytheon and aerospace technology provider United Technologies have secured all compulsory regulatory approvals for their all-stock merger of equals.

In October last year, shareholders from the two companies approved all of the necessary proposals to close the merger.

The deal is expected to close before the opening of trading on the New York Stock Exchange (NYSE) on 3 April.

Once completed, United Technologies will be renamed Raytheon Technologies Corporation, and the merged entity will trade on the NYSE with the ticker symbol ‘RTX’.

Raytheon chairman and CEO Tom Kennedy said: “We are pleased to have received all the necessary regulatory approvals, which clears the way for the successful completion of our merger of equals. “

“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.”

Just prior to the merger closure, United Technologies will separate its Otis elevator and Carrier heating and cooling businesses.

The two businesses will be spin off into independent publicly traded companies Carrier and Otis, which will trade on the NYSE.

After the merger, Raytheon’s military airborne radios business and United Technologies’ military Global Positioning System (GPS) and Space Optical Systems businesses are expected to be divested.

United Technologies chairman and CEO Greg Hayes said:  “I also want to thank both the Raytheon and UTC teams who have worked tirelessly to complete the merger and integration work and to stand up both Carrier and Otis as independent public companies, creating three world-class organisations.”