Raytheon and UTC plan all-stock merger of equals

The Raytheon logo is seen on a building in Annapolis Junction Maryland

Acting Defense Secretary Patrick Shanahan may have a limited role in his department's review because defense chiefs usually leave the crafting of the Pentagon's advice to its chief weapons buyer and its industrial base professionals.

A person familiar with the matter told the newspaper that United Technologies is likely to own a majority of the combined company. "Before the combination, the lion's share of Raytheon's revenue came from the Pentagon and USA intelligence agencies".

The two organizations said it would be a "merger of equals" and it would boost development, while saving the USA government money.

"When I hear they're merging, does that take away more competition?" Trump said. "It becomes one big, fat, lovely company, but I have to negotiate, meaning the United States has to buy things, and does that make it less competitive?" In previous administrations, the White House has generally not been closely involved in those evaluations.

Raytheon shareholders will receive 2.33 shares in the new company for each Raytheon share.

In 2011, Ashton Carter, who was then the chief weapons buyer and later became defense secretary, said the Pentagon would welcome USA defense company mergers, spinoffs and divestitures provided they didn't involve the top five or six suppliers acquiring each other.

President Donald Trump quickly questioned the impact on competition in the defense industry.

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The Trump White House has been engaged on the issue as well.

The proposed Raytheon-UTC merger is part of a longtime trend of consolidation in the defense industry. It will be the world's second-largest defence company, behind Boeing. A conference call is scheduled for Monday morning.

It seems hard to argue, indeed, that the merger might make these huge companies any more influential, as they already dominate the halls of power in great measure. I don't know, I don't love that stuff. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment. The move creates a new company that will be called Raytheon Technologies Corporation which would have an estimated annual sales of $74 billion.

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.

"Saudi Arabia's precision-guided munitions are responsible for the vast majority of deaths documented by human rights groups", In These Times found. "S$3 ince 2009, Saudi Arabia has ordered more than 27,000 missiles worth at least $1.8 billion from Raytheon alone".

The companies' pitch also emphasized the upside in terms of technological breakthroughs through an $8 billion research and development budget, 60,000 engineers and 38,000 active patents.

The deal faces detailed scrutiny from USA competition regulators. When the dust settles, shareholders of United Technologies will own approximately 57% of the new firm on a fully diluted basis while Raytheon's will own approximately 43%.


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