Elbit Systems buys US undersea warfare co Sparton for $380m

Bezhalel Machlis  / Photo: Elbit Systems PR, PR

The acquisition will strengthen Elbit Systems of America’s capabilities and will enable expansion of activities in the naval arena.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that its US 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 $380 million.

The transaction is subject to closing conditions including receipt of US regulatory approvals, which could take several months.

Headquartered in De Leon Springs, Florida, Sparton develops, produces and supplies electronic systems supporting undersea warfare for the US Navy and allied military forces.

Elbit Systems president & CEO Bezhalel Machlis said, "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."

Published by Globes, Israel business news - en.globes.co.il - on December 23, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Bezhalel Machlis  / Photo: Elbit Systems PR, PR
Bezhalel Machlis / Photo: Elbit Systems PR, PR
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