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April 6, 2021

Elbit Systems of America completes Sparton acquisition for $380m

Elbit Systems' US subsidiary has closed the acquisition of Sparton following the receipt of all the necessary approvals.

Elbit Systems’ US subsidiary has closed the acquisition of Sparton following the receipt of all the necessary approvals.

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The $380m deal was initially signed in December last year.

Elbit Systems of America acquired Sparton from one of the affiliates of Cerberus Capital Management.

Elbit Systems of America president and CEO Raanan Horowitz said: “We welcome Sparton’s employees to the Elbit Systems of America family.

“Acquiring Sparton, one of the primary American suppliers of sonobuoys, as well as other undersea warfare products, provides us with another significant franchise and an expansion of our business with the US Navy and within the US.

Headquartered in De Leon Springs, Florida, Sparton focuses on developing electronic systems for defence and commercial requirements.

The company has three divisions, namely Undersea Warfare Solutions, Aydin Displays, and Stealth, and has a track record of supplying its products to the US Navy and allied military forces.

Elbit Systems of America company Sparton De Leon Springs president Bill Tot said: “Demand for our undersea warfare products is increasing as a result of a heightened threat environment in both the Indo-Pacific and Atlantic.

“With Elbit Systems of America’s support, we will continue to be well positioned to capitalise on growing opportunities in the undersea environment with our leading technology and distinctive capabilities.”

As part of the acquisition, Elbit Systems of America has formed an independent US Proxy Board to monitor all of Sparton De Leon Springs’ Undersea business activities.

This allows Elbit to ‘exclusively focus on higher sensitivity solutions’ and programmes for the American customers.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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