Standard of Excellence: Anticipating Customer Needs Early and Often
The Knowledge Base: At the Forefront of Electronics Manufacturing
Global Citizenship: Training the Next Generation of Talent
Ultra Electronics to Acquire Sparton
July 7, 2017 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corp. had entered into a merger agreement with Ultra Electronics Holdings plc, pursuant to which Ultra will acquire Sparton for $23.50 per share in cash.
"This transaction is the result of the significant time and effort the company has invested in its previously announced process to explore strategic alternatives, including a potential acquisition of Sparton," said Joseph J. Hartnett, Interim President & Chief Executive Officer of Sparton. "We are pleased to have successfully concluded our process with a transaction that delivers significant value to the shareholders of Sparton."
The Board of Directors of Sparton unanimously approved the transaction. The transaction is subject to customary closing conditions, including regulatory clearances and approval of Sparton's and Ultra's respective shareholders, and is expected to close no later than January 1, 2018.
Additional details regarding the transaction will be set forth in a proxy statement that will be sent by Sparton to its shareholders in advance of the special meeting at which Sparton's shareholders will be asked to approve the transaction.
Wells Fargo Securities LLC and Raymond James & Associates Inc. acted as financial advisors to Sparton. Mayer Brown LLP acted as legal counsel to Sparton.
About Sparton Corp.
Sparton Corp., now in its 117th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. Sparton’s Web site may be accessed here.
Share on:
Suggested Items
Vertical Aerospace Adopts Universal Fast-Charging Standard to Accelerate eVTOL Deployment
04/01/2025 | BUSINESS WIREVertical Aerospace (Vertical), a global aerospace and technology company that is pioneering electric aviation, announces it will adopt the Combined Charging Standard (CCS) for the VX4, joining BETA Technologies and Archer Aviation in driving a universal, fast-charging system for electric vertical take-off and landing (eVTOL) aircraft.
Nokia, Honeywell Aerospace Technologies Partner with Numana to Advance Quantum-safe Networks
04/01/2025 | HoneywellNokia and Honeywell Aerospace Technologies announced a strategic partnership with Numana to advance Quantum-Safe Networks (QSN) in Montreal, Canada, and worldwide.
Molex Releases New Report on Strategies for Advancing Rugged, Reliable Connectivity in Modern Aerospace and Defense Applications
04/01/2025 | MolexMolex, a global electronics leader and connectivity innovator, has released a new report from AirBorn, a Molex company, which explores the unrelenting demands for constant, continuous connectivity to support the rigors of modern aerospace, defense and space-industry applications.
Airbus Foundation Joins Forces with the Solar Impulse Foundation to Boost Climate Action
03/28/2025 | AirbusThe Airbus Foundation and Solar Impulse Foundation have launched a three-year partnership aimed at driving global progress on sustainability through fostering innovation and collaboration.
LN Phase Modulator, ASE Light Source Module for Fiber Optic Gyroscope
03/26/2025 | POINTekPOINTek, Inc., a global leader and provider of high performance athermal AWG products, announced launching of a new family of aerospace application products: Lithium Niobate Phase Modulator and ASE Light Source Module for Fiber Optic Gyroscope (FOG).