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Cerberus Completes Purchase of Sparton; Dev Kapadia Quoted

Cerberus Capital Management completed its purchase of Sparton Corp., a defense and aerospace electromechanical device manufacturer, in a cash transaction worth approximately $18.50 per share.

The deal was initially announced in mid-December.

Sparton said Monday it stopped trading on the New York Stock Exchange following completion of the sale.

Dev Kapadia, co-chief investment officer of private equity and senior managing director of Cerberus, said the investment firm will support Sparton in efforts to drive innovation programs and identify opportunities in the global market.

Sparton, based in Schaumburg, Ill., cancelled its previous merger plans with Ultra Electronics, a British defense contractor,  after the Department of Justice expressed antitrust concerns over the deal.

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