Company shareholders have agreed a merger to combine Raytheon and United Technologies' aerospace businesses into a single entity called Raytheon Technologies Corporation.

United Technologies' aerospace business, comprised of Collins Aerospace and Pratt & Whitney, supplies high technology products and services to the building and aerospace industries. Raytheon is a key supplier of electronics, mission systems integration, C5I products and services, sensing, effects and mission support to the global defence market.

According to the companies, 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, and completion by United Technologies of the separation of its Otis and Carrier businesses.

Tom Kennedy, Raytheon chairman and CEO, said: ‘I am pleased that the shareowners of Raytheon and UTC voted in favour of our powerful strategic combination. Today's vote reflects a significant step on our path to unite two world-class companies with complementary technologies and supports our view that this merger of equals will create additional growth opportunities while delivering benefits to our shareowners, customers and employees.’

Greg Hayes, United Technologies Chairman and CEO, added: ‘Today is an important milestone in our transformational merger, which will define the future of aerospace and defence. With our technological and R&D capabilities, Raytheon Technologies will deliver innovative and cost-effective solutions aligned with the highest customer priorities for decades to come.’