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BRIEF-Ultra Electronics to BUY Sparton for $23.50 per share
July 7, 2017 / 6:28 AM / in 3 months

BRIEF-Ultra Electronics to BUY Sparton for $23.50 per share

July 7 (Reuters) - Ultra Electronics Holdings Plc:

* Entered conditional merger agreement to acquire Sparton for $23.50 per Sparton share in cash

* Deal values Sparton’s total equity at approximately $234.8 million

* Co to assume Sparton’s net debt at completion; adjusting for targeted cost savings, it equates to pro forma 2016 EV/EBITDA multiple of 7.6 times

* Launch of placing with institutional investors of 7 million shares of 5 pence each in capital of ultra at 1,950 pence per share

* Proceeds of placing to be to part-fund deal, with remaining consideration funded through drawdown under co’s existing bank facilities Source text for Eikon: Further company coverage:

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