Ultra Electronics eyes January close on Sparton deal
Ultra Electronics confirmed on Friday that Sparton Corporation shareholders had approved the takeover by Ultra.
Aerospace and Defence
10,383.65
17:10 19/04/24
-0.49%
-51.11
FTSE 250
19,391.30
17:09 19/04/24
n/a
n/a
FTSE 350
4,341.08
17:09 19/04/24
n/a
n/a
FTSE All-Share
4,296.41
17:08 19/04/24
n/a
n/a
Ultra Electronics Holdings
3,500.00p
17:09 29/07/22
0.00%
0.00p
The transaction, which remains subject to customary closing conditions, was announced by Ultra on 7 July for a roughly $234.8m, inclusive of Sparton's net debt.
Sparton, which designs, develops and provides manufacturing services for complex electromechanical devices, as well as sophisticated engineering products reported net sales of $397.56m in its fiscal year ended 2 July, a 5% year-on-year dip.
Ultra said it anticipated the transaction would be completed by 1 January 2018.
As of 1000 BST, Ultra Electronics shares had ticked up 0.6% to 1,843p.