UTC, Raytheon, Announce Regulatory Approval For Merger

FARMINGTON, CT — Raytheon Company and United Technologies Corp. said Monday that they have received the necessary regulatory approvals for their all-stock "merger of equals." The companies expect to close the merger prior to the opening of trading on the New York Stock Exchange Friday, the distribution date for United Technologies' spin-offs of Carrier and Otis, according to the announcement.

Upon the closing of the merger, UTC will be renamed Raytheon Technologies Corporation, and its common stock will trade on the NYSE under the ticker symbol RTX.

On Friday, each share of Raytheon Company common stock will be converted into the right to receive 2.3348 Raytheon Technologies shares as trading begins Friday.

The regulatory process requires the divestitures of Raytheon's military airborne radios business and United Technologies' military Global Positioning System (GPS) and Space Optical Systems businesses, which are all expected to be completed following the merger.

Immediately prior to the closing of the merger, United Technologies will "effect" the separations of its Otis and Carrier businesses into separate publicly-traded companies. Carrier will trade under the ticker symbol CARR on the NYSE and Otis will trade under the ticker symbol OTIS on the NYSE.

UTC shareowners will receive 0.5 of a share of Otis and 1 share of Carrier for each share of United Technologies common stock held as of 5 p.m. EDT on March 19, the record date for the distributions.

The merger was announced in June.

UTC's headquarters are based in Farmington, and the company employs nearly 20,000 people in the state at Collins Aerospace and Pratt & Whitney. Both companies have said Raytheon Technologies will be headquartered in the greater Boston area.

Gov. Ned Lamont said in June that nearly all of UTC's employees will remain in Connecticut, with roughly 100 moving to the new headquarters.