Sparton Corporation

Cerberus Capital Management, through an affiliate, completed its acquisition of Sparton Corporation for $18.50 per share in cash. Sparton will operate as a privately held company and its shares will be delisted from the NYSE.

Sparton Corporation announced it has entered into a definitive agreement to be acquired by an affiliate of Cerberus Capital Management for $18.50 per share in cash, representing a premium of approximately 41%.

The joint venture of Ultra Electronics USSI and Sparton Corporation was awarded $30.1 million in foreign sales contracts.

Ultra Electronics Holdings plc agreed to acquire Sparton Corporation for $23.50 per share in cash. The transaction is expected to close no later than January 1, 2018.

The ERAPSCO joint venture between Ultra Electronics USSI and Sparton Corporation was awarded a $77.6 million contract by the U.S. Navy for sonobuoys. Production subcontracts of $36.1 million will go to Ultra Electronics USSI and $41.5 million to Sparton De Leon Springs, with production expected to be completed by April 2019.

The Erapsco/Sonobuoytech Systems joint venture between Sparton Corp and Ultra Electronics USSI was awarded subcontracts valued at $14.8 million for sonobuoy technology systems from foreign sales. Production will take place at facilities in Indiana and Florida.

ERAPSCO, a joint venture of Sparton Corp and Ultra Electronics USSI, was awarded a $30.3 million contract by the U.S. Navy for sonobuoys. Production is expected to be completed by November 2018.