FILE PHOTO: United Technologies logo is displayed on a screen at the post where it's stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 5, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) - United Technologies Corp said on Monday it expects to secure regulatory approval by the first quarter of 2020 to combine its aerospace business with U.S. contractor Raytheon Co and create a new company worth about $121 billion.

“I think from a regulatory standpoint, the beauty of this deal is there’s very little overlap...But really less than 10 jurisdictions have to approve this. We don’t have to go to China. We truly believe that we’re going to get this done relatively quickly,” Gregory Hayes, chief executive officer, United Technologies, said in a call with analysts.