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Raytheon, United Technologies agree to blockbuster defense deal

–STEVEN E. FRISCHLING/BLOOMBERG NEWS

United Technologies Corp. agreed to buy Raytheon Co. in an all stock deal, forming an aerospace and defense giant with $74 billion in sales through one of the industry’s biggest deals ever.

The new entity will be called Raytheon Technologies Corp., the companies said in a statement Sunday. The combination, which they are billing as a merger of equals, will take place in the first half of 2020 after United Technologies’ planned spinoff of its Otis elevator and Carrier air-conditioner businesses.

“The combination of United Technologies and Raytheon will define the future of aerospace and defense,’’ United Technologies Chief Executive Officer Greg Hayes said in the statement. He will hold that same role in the combined organization, while Raytheon CEO Thomas Kennedy will become chairman, the companies said.