Ultra Electronics expects DoJ decision on Sparton deal in March 2018

Ultra Electronics said on Friday that a decision from the US Department of Justice about its proposed acquisition of NYSE-listed Sparton is now expected at the end of March 2018.

The defence, security, transport and energy company entered into a timing agreement with the US DoJ which sets time targets for Ultra's further document submission, and time limits for the DoJ's discovery and decision-making.

Ultra said its target is to submit all requested documentation by 30 November 2017 and assuming that both sides meet their respective dates, a DoJ decision is now expected at the end of March next year.

Ultra announced back in July that it had entered into a conditional merger agreement to acquire Sparton for $23.50 per share in cash, valuing Sparton's total equity at around $234.8m. The FTSE 250 company said at the time that as part of the acquisition, it would assume Sparton's net debt at completion.