WALTHAM (dpa-AFX) - Aerospace company United Technologies Corp. (UTX) and defense contractor Raytheon Co. (RTN) said that their shareowners approved all of the proposals necessary to complete the merger of equals transaction combining United Technologies' aerospace businesses, comprised of Collins Aerospace and Pratt & Whitney, with Raytheon.
The transaction is expected to close in the first half of 2020, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, as well as completion by United Technologies of the separation of its Otis and Carrier businesses.
In June 2019, United Technologies and Raytheon Co. agreed to combine in an all-stock merger. The combined entity, to be named Raytheon Technologies Corp., is expected to have approximately $74 billion in pro forma 2019 sales.
In June, President Donald Trump voiced his concerns about the blockbuster merger deal between United Technologies and Raytheon. Trump had said the merger would create an aerospace and defense giant that would kill competition.
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