Author: Ramona Adams|| Date Published: July 7, 2017
U.K.-based defense and aerospace equipment manufacturer Ultra Electronics has agreed to acquire Schaumburg, Illinois-based electromechanical technology provider Sparton (NYSE: SPA).
Sparton said Friday the transaction is valued at $23.50 per share and that it expects to complete the sale by Jan. 1, 2018.
Joseph Hartnett, interim president and CEO of Sparton, said the deal “is the result of the significant time and effort the company has invested in its previously announced process to explore strategic alternatives.”
Ultra Electronics maintains a portfolio of underwater warfare, maritime, land, aviation, C2ISR, communications, nuclear and infrastructure support technology offerings.
Wells Fargo Securities,Raymond James & Associates served as financial advisers to Sparton in the transaction while Mayer Brown acted as its legal counsel.
ERAPSCO — a joint venture of Sparton and Ultra Electronics — currently produces sonobuoys and transducers for the U.S. Navy.
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U.K.-based defense and aerospace equipment manufacturer Ultra Electronics has agreed to acquire Schaumburg, Illinois-based electromechanical technology provider Sparton (NYSE: SPA).
