Elbit Systems of America has signed a definitive agreement with Cerberus Capital Management for the acquisition of Sparton Corporation, the Israeli parent company announced on 23 December.
The purchase price is quoted as being $380 million (€311 million) and the transaction is conditional on a variety of closing conditions, including receipt of US regulatory approvals, which could take several months. Headquartered in De Leon Springs, FL, Sparton is a premier developer, producer and supplier of electronic systems supporting undersea warfare, including sonobuoys and payload delivery and detection systems, numbering the US Navy and allied navies among its customers.
Bezhalel Machlis, President & CEO of Elbit Systems, stated “The acquisition of Sparton will strengthen Elbit Systems of America’s capabilities and will enable expansion of activities in the naval arena. We believe this acquisition will be beneficial for both Elbit Systems’ and Sparton’s employees and customers.”