Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) announced that its U.S. subsidiary, Elbit Systems of America, LLC (“Elbit Systems of America”), has signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton Corporation (“Sparton”) for a purchase price of $380 million.
The transaction is conditioned on various closing conditions, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months. Headquartered in De Leon Springs, Florida, Sparton is a premier developer, producer and supplier of electronic systems supporting Undersea Warfare for the U.S. Navy and allied military forces.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “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.”