The company is repurchasing shares of stock

Davis Polk advised the dealer counterparties in connection with accelerated share repurchase transactions entered into with RTX Corporation, pursuant to which RTX is repurchasing $10 billion of its common stock. Under the terms of the transactions, RTX will receive an initial delivery of approximately 36.15 million shares of its common stock from each of the dealer counterparties. The total number of shares to be repurchased under the transactions will be based generally upon the volume-weighted average share price of RTX’s common stock during the term of each transaction. Final settlement of each transaction, including delivery of the remaining shares that RTX is expected to receive, is scheduled to occur no later than the third quarter of 2024.

RTX is the world’s largest aerospace and defense company. With more than 180,000 global employees, RTX pushes the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney and Raytheon – RTX is advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2022 sales of $67 billion, is headquartered in Arlington, Virginia.

The Davis Polk equity derivatives team included partner Mark J. DiFiore and associate Alexander S. Pettingell. The tax team included partner Lucy W. Farr and associate Dov Sussman. All members of the Davis Polk team are based in the New York office.