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Elbit Systems to Buy Sparton for $380 Million
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Israel-based international defense electronics company Elbit Systems has signed an agreement to buy maritime defense contractor Sparton for $380 million.
Elbit said Wednesday that its U.S. subsidiary Elbit Systems of America had signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton. Sparton Parent, Inc. formerly known as Striker Parent 2018 an affiliate of Cerberus Capital Management, L.P. bought Sparton in March 2019.
The Elbit transaction is conditioned on various closing conditions, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months, Elbit said.
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HAIFA, Israel, Dec. 23, 2020 /PRNewswire/
Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ( Elbit Systems ) announced today that its U.S. subsidiary, Elbit Systems of America, LLC ( Elbit Systems of America ), has signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton Corporation ( Sparton ) for a purchase price of $380 million.
The transaction is conditioned on various closing conditions, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months.
Headquartered in De Leon Springs, Florida, Sparton is a premier developer, producer and supplier of electronic systems supporting Undersea Warfare for the U.S. Navy and allied military forces.