Raytheon Co. and United Technologies Corp. announced they agreed to an all-stock merger.
The merger of equals will result in a company that would combine the aerospace experience of United Technologies with Tomahawk missile maker Raytheon. "The transaction will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense," the companies said in a joint statement and added that the deal is expected to close in the first half of 2020.
The Wall Street Journal reported earlier that Greg Hayes, the United Technologies chair, is expected to lead the new company Raytheon Technologies while his Raytheon counterpart Thomas Kennedy would be chairman.
