The Committee on Foreign Investment inÂ theÂ 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 MondayÂ it signed a timing agreement with the Justice Department and thatÂ the deal is still subject to antitrust approval under theÂ Hart-Scott-Rodino Act.
The completion of the transaction review came four months after Ultra agreed to buy Sparton through a stock transaction valued atÂ $23.50 per share.
Sparton said it expects the sale to conclude by January.
Ultra maintains a portfolio ofÂ technology offerings across underwater warfare, maritime, land, aviation, communications, nuclear, infrastructure and command and control, intelligence, surveillance and reconnaissance market segments.