Raytheon Co., Waltham, Mass., and United Technologies Corp., Farmington, Conn., announced plans to merge, creating a company with more than $90 billion in retirement plan assets.
The all-stock merger of equals, creating a combined company called Raytheon Technologies Corp., is expected to close in the first half of 2020 and will exclude United Technologies' Otis and Carrier businesses, which are to be spun off beforehand, according to a joint news release.
Raytheon shareholders will receive 2.3348 shares for each share in the combined company for a total of 43%, while United Technologies shareholders will own 57% of the company.
The joint news release did not provide any information on how retirement plan assets will be merged, if at all.
As of Dec. 31, Raytheon Co. had $25 billion in defined benefit plan assets, according to the company's most recent 10-K filing, and as of Dec. 31, 2017, the company had $19 billion in defined contribution plan assets, according to its most recent 11-K filing.
As of Sept. 30, United Technologies Corp. had $26 billion in defined benefit plan assets and $24 billion in defined contribution plan assets, according to Pensions & Investments data.
Raytheon spokeswoman Corinne Kovalsky and United Technologies spokeswoman Bethany Sherman could not be immediately reached to provide further information.