The "merger of equals" between Raytheon and United Technologies into the new Raytheon Technologies would vault the No. 3- and No. 8-ranked USA defense contractors, respectively, into a joint No. 2 position, just behind Lockheed Martin, and is touted by the two companies' CEOs as a "platform agnostic" concern not dependent on any particular program. It becomes one big, fat handsome company but I have to negotiate, meaning the United States has to buy things and does that make it less competitive?
And upon completion of the merger, United Technologies shareowners will own approximately 57% and Raytheon shareowners will own approximately 43% of the combined company on a fully diluted basis.
"The combination of United Technologies and Raytheon will define the future of aerospace and defense", United Technologies Chairman and CEO Greg Hayes said in a statement about the deal.
A day after Raytheon and United Technologies announced plans for a blockbuster merger, Massachusetts Governor Charlie Baker said he does not yet know where in the state the new company will be located.
Two are from United Technologies, comprising Collins Aerospace and Pratt & Whitney, while two would be from Raytheon - intelligence, space & airborne systems, and integrated defense & missile systems.
That means it still trails Boeing Co.in heft, but the deal may give the soon to be renamed Raytheon Technologies Corp., leverage with suppliers and contractors over other heavyweights in the industry like Lockheed Martin Corp. and Northrop Grumman Corp.
Moments after Trump's comments, United Technologies Chief Executive Gregory Hayes said on CNBC that the two companies now have nearly no overlap and that their combination would not dent competition. When the dust settles, shareholders of United Technologies will own around 57pc of the new firm while Raytheon's will own around 43pc.
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"But I have to negotiate, meaning the United States has to buy things and does that make it less competitive?"
Monday, US President Donald Trump told business news network CNBC that while he hopes the merger goes forward, he is concerned about how the tie-up could impact competition. It's estimated that the resulting company will see $1 billion in cost advantages over the next four years-but the deal isn't about job reduction.
The combined company will be called Raytheon Technologies Corporation. United Technologies provides plane makers with electronics, communications and other equipment, while Raytheon primarily supplies the USA government with military aircraft and missile equipment. Hayes will ascend to both roles three years after the deal closes.
Raytheon chief executive officer (CEO), Tom Kennedy, also touted the merger with United Technologies.
Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor.
The combined company's board would have 15 directors - eight from United Technologies and seven from Raytheon.
United Technologies businesses include engine maker Pratt & Whitney.