Home / M&A Activity / Ultra Electronics Agrees to Purchase Sparton

Ultra Electronics Agrees to Purchase Sparton

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.

Check Also

IntelliDyne Founder Robert Grey Returns to CEO Post

Robert Grey, founder of IntelliDyne, has been appointed to serve again as CEO of the Falls Church, Va.-based information technology services provider.

Charles Romine, Director of NIST IT Lab, to Give Keynote Address at Potomac Officers Club’s AI Summit 2020 on Feb. 13th

Charles Romine, director of the Information Technology Laboratory (ITL) at the National Institute of Standards and Technology (NIST), will serve as a keynote speaker during Potomac Officers Club’s 2nd Annual Artificial Intelligence Summit 2020 on Thursday, Feb. 13th.