The Board of United Technologies Corporation (NYSE:UTX) announced the spin-off of Otis Elevator Company on November 26, 2018. The transaction will be tax-free for shareowners of United Technologies Corporation for U.S. federal income tax purposes. As on April 2, 2020, Otis Worldwide Corporation entered into a Separation and Distribution Agreement with United Technologies Corporation pursuant to which, among other things, UTC agreed to distribute all shares of OTIS to UTC shareholders. A holder of shares of United Technologies Corporation's common stock will be entitled to receive 0.5 shares of Otis common stock for every share of United Technologies Corporation's common stock held as of the record date. In a related transaction, United Technologies Corporation agreed to spin-off Carrier Corporation. The transactions will result in three independent entities. Otis intends to list its common stock on the NYSE under the symbol “OTIS.” The record date for the distribution is March 19, 2020. Gregory Hayes will continue in his current role as Chairman and Chief Executive Officer of United Technologies Corporation following the transaction. As of June 3, 2019, Judith Marks will become the Chief Executive Officer of Otis and President. Christopher J. Kearney, will be Otis' Executive Chairman. Rahul Ghai will be Vice President and Chief Financial Officer and Michael P. Ryan will be Vice President and Chief Accounting Officer. Jeffrey H. Black remains on the Board and will continue to serve as a director of the OTIS.

The transaction is subject to the satisfaction of customary conditions, including final approval by Board of Directors of United Technologies Corporation, receipt of a tax opinion from counsel, the filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission and satisfactory completion of financing. The transaction is also subject to United Technologies Corporation having received the IRS Ruling, and such IRS Ruling shall continue to be valid as of the applicable effective time, each of the ancillary agreements shall have been duly executed and delivered by the applicable parties thereto, the Otis' shares to be distributed to the record holders in the applicable distribution shall have been accepted for listing on the NYSE, the internal reorganization having been completed, the receipt by the United Technologies Corporation's Board of Directors of one or more opinions (which have not been withdrawn or adversely modified) in customary form from one or more nationally recognized valuation or accounting firms or investment banks, the execution of the transition services agreement, the tax matters agreement, the employee matters agreement and the intellectual property agreement contemplated by the separation agreement. Beginning of trading on or around March 18, 2020 and will be continuing up to and through the distribution date. Transaction is not conditional upon Raytheon merger. As of March 12, 2020, the transaction has been approved by the Board of United Technologies Corporation. On March 16, 2020, OTIS Registration Statement on Form 10 was declared effective. The transaction is expected to be completed in the first half of 2020. As per announcement made on December 9, 2019, the transaction is expected to be completed in April 2020. As of March 11, 2020, the transaction is expected to complete on April 3, 2020. Evercore and Goldman Sachs & Co. acted as financial advisors to United Technologies Corporation. Joshua R. Cammaker, Edward J. Lee, Mark A. Stagliano and Jenna E. Levine of Wachtell, Lipton, Rosen & Katz acted as legal advisors and Computershare Trust Company, N.A. acted as transfer agent to United Technologies Corporation. Morgan Stanley (NYSE:MS) acted as financial advisor to United Technologies.

The Board of United Technologies Corporation (NYSE:UTX) completed the spin-off of Otis Elevator Company for $19.1 billion on April 3, 2020.