United Technologies Corp is nearing a deal to merge its aerospace business with ...
- United Technologies Corp is nearing a deal to merge its aerospace business with U.S. defense contractor Raytheon Co and form a new company worth well over $100 billion, a person familiar with the matter said on Saturday.
The deal would be structured as an all-stock merger of equals because United Technologies would separately spin off its Carrier air conditioning business and Otis elevator division, as it has previously announced it would do, the source said. United Technologies has a market capitalization of $114 billion, but without Carrier and Otis, its value could be less than $60 billion, bringing it closer to Raytheon’s market capitalization of $52 billion.
The deal with Raytheon could put pressure on General Electric Co, which also competes with United Technologies for commercial aerospace clients, to seek scale.
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