Naval warfare company Sparton Corporation acquired by Elbit U.S.News
December 28, 2020
FORTH WORTH, Texas. Elbit Systems Ltd. announced that its U.S. subsidiary, Elbit Systems of America, LLC, has signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton Corporation for a purchase price of $380 million.
According to the comapny, the transaction is conditioned on various closing terms, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months.
Headquartered in De Leon Springs, Fla., Sparton Corporation is a developer, producer, and supplier of electronic systems supporting Undersea Warfare for the U.S. Navy and allied military forces.
Elbit Systems officials claim that the acquisition was a decision made with the intent to strengthen the company's naval portfolio.