Ultra Electronics is ‘good to go’ with its acquisition of US-based Sparton after receiving clearance for the proposed transaction from the US government.
Overnight, the Committee on Foreign Investment in the United States announced the result of its review, concluding that there were “no unresolved national security concerns with respect to Ultra’s proposed acquisition of Sparton Corporation.”
The purchase was thus left pending only anti-trust approval with a decision from the US Department of Justice expected by March 2018.
On 7 July, Ultra reached an agreement to pay $234.8m or $23.50 in cash for the equity of Sparton, a designer and manufacturer of “complex electromechanical devices and sophisticated engineered products.”
Included among those “sophisticated” products are all the sonobuoys used by the US Department of Defense, which are currently built by its 50/50 joint-venture with Sparton.