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.
