Slaughter and May advised Ultra Electronics on the placing of shares and acquisition of Sparton Corporation
Slaughter and May advised Ultra Electronics Holdings plc (Ultra) on the placing of approximately 9.99% of its current issued share capital (the Placing) to part-fund its proposed acquisition of Sparton Corporation (Sparton) (the Acquisition). Slaughter and May is also advising Ultra on the English law aspects of the Acquisition.
Sparton, which is listed on the New York Stock Exchange, is a provider of design, development and manufacturing services for complex electromechanical devices, as well as sophisticated engineered products. The Acquisition values Sparton’s total equity at approximately $234.8 million (£180.6 million) and is subject to relevant anti-trust, regulatory and shareholder approvals. Completion is targeted by 1 January 2018.
The Placing, which was announced together with the Acquisition on 7 July 2017, raised gross proceeds of approximately £137.4 million. Investec acted as bookrunner and underwriter in connection with the Placing.