The U.S. Department of Justice antitrust division has approved United Technologies Corp.'s planned acquisition of Raytheon Co., a deal announced last June to form an aerospace and defense group with a combined value of around $120 billion. Shareholders of the two businesses endorsed the combination last October, and European Union regulators approved it earlier this month.
The new company is to be known as Raytheon Technologies Corp., which will combine the aerospace business of UTC with Raytheon into a broader portfolio with products and services for both civilian and military aerospace and defense programs.
The sale is expected to be final during Q2 2020.
U.S. regulators have required the sale of United Technologies' Collins Aerospace military global positioning system product line, which BAE Systems has agreed to buy for $1.93 billion. BAE also is buying Raytheon's airborne tactical radios product line for $275 million.
The Justice Department also expects United Technologies to sell its space optical systems product line and its defense laser warning systems product line.
Also, prior to the closing, United Technologies plans to spin-off its Otis Elevator and Carrier businesses.
