Elbit Systems has bought U.S. undersea warfare company Sparton for USD 380 million
Categories: Corporate and M&A
Israeli defense electronics company, Elbit Systems Ltd has bought U.S. undersea warfare company Sparton for USD 380 million.
Elbit owns several companies in the United States through its American subsidiary, Elbit Systems of America, which signed a definitive agreement with an affiliate of Cerberus Capital Management L.P. for the acquisition of Sparton Corporation for USD 380 million.
The acquisition is expected to strengthen Elbit Systems of America’s capabilities and enable expansion of activities in the naval arena.
Headquartered in De Leon Springs, Florida, Sparton develops, produces and supplies electronic systems supporting undersea warfare for the U.S. Navy and allied military forces.
Covington represented Elbit and Kirkland advised the seller. The transaction is subject to closing conditions including receipt of U.S. regulatory approvals, which could take several months.
