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Foreign Investment Committee Completes Ultra Electronics-Sparton Transaction Review

The Committee on Foreign Investment in the U.S. has finalized its review of the proposed acquisition of Schaumburg, Illinois-based electromechanical technology company Sparton (NYSE: SPA) by U.K.-based defense and aerospace contractor Ultra Electronics.

Ultra said Monday it signed a timing agreement with the Justice Department and that the deal is still subject to antitrust approval under the Hart-Scott-Rodino Act.

The completion of the transaction review came four months after Ultra agreed to buy Sparton through a stock transaction valued at $23.50 per share.

Sparton said it expects the sale to conclude by January.

Ultra maintains a portfolio of technology offerings across underwater warfare, maritime, land, aviation, communications, nuclear, infrastructure and command and control, intelligence, surveillance and reconnaissance market segments.

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