The merger between Raytheon (NYSE:RTN) and United Technologies (NYSE:RTX), in the works for nearly a year now, is finally ready to close.

On Monday, the companies confirmed that they "have received the necessary regulatory approvals for their all-stock merger of equals." Accordingly, prior to the opening of trading on the NYSE on Friday, they will officially "close" their merger and become one company -- then proceed to spin off United Technologies' subsidiaries Otis (elevators) and Carrier (HVAC equipment) into separate publicly traded entities.  

The merged companies will from that moment forward be known as Raytheon Technologies Corporation, and the stock of this new, merged entity will trade as ticker symbol "RTX" on the NYSE.

Black arrow and white arrow merge together and proceed as a single arrow

Image source: Getty Images.

To effect the merger, each outstanding share of Raytheon Company will be converted into 2.3348 shares of Raytheon Technologies Corporation. Each outstanding share of United Technologies will simply be renamed as a share of Raytheon Technologies Corporation.

United Technologies Chairman and CEO Greg Hayes will lead the new company.

Immediately after the merger, Otis will spin off as a new NYSE-listed company under the ticker symbol "OTIS;" Carrier will similarly spin off and trade as "CARR," also on the NYSE. Each share of United Technologies that a shareholder owned on Thursday will become a separate share of Carrier and a separate 0.5 share of Otis on Friday.

Subsequently, Raytheon Technologies Corporation will divest (what are presently) Raytheon's military airborne radios business and United Technologies' military Global Positioning System (GPS) and Space Optical Systems businesses in compliance with conditions imposed by regulators.