Shareowners of Raytheon Co. and United Technologies Corp. approved the merger between the two aerospace and defense companies.
About 57% of the combined company — which will be named Raytheon Technologies Corp. — will be owned by shareholders of Farmington, Conn.-based United Technologies, while the remaining 43% will be held by Waltham, Mass.-based Raytheon.
The all-stock merger-of-equals transaction, which will create a giant in the aerospace and defense sector, is expected to close in the first half of 2020, subject to customary closing conditions, including regulatory approvals.
Citigroup Global Markets Inc. is serving as financial adviser, while RBC Capital Markets LLC provided a fairness opinion to Raytheon. Shearman & Sterling LLP is serving as the firm's legal adviser.
Morgan Stanley & Co. LLC, Evercore, and Goldman Sachs & Co. LLC are acting as financial advisers to United Technologies, while Wachtell Lipton Rosen & Katz is serving as legal adviser to the company.
