Ultra Electronics eyes January close on Sparton deal
Ultra Electronics confirmed on Friday that Sparton Corporation shareholders had approved the takeover by Ultra.
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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.