(Reuters) – Raytheon (NYSE:) Co and United Technologies Corp (NYSE:) on Sunday agreed to combine their aerospace businesses.
Under the terms of the agreement, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share, the companies said.
United Technologies provides primarily commercial plane makers with equipment such as electronics and communications equipment and Raytheon is a vendor mainly to the U.S. government for equipment in military aircraft and missiles.
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