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BUSINESS NEWS

July 7, 2017 by

Web Page sponsored by Odyssey Corporate Finance

Contact: Tom McCarthy, Director, Odyssey Corporate Finance
M: 07867 459 600
D: 0121 503 2375
E:
www.odysseycf.com
———————————————————————
06 Jul 17. Ultra Electronics Holdings plc (“Ultra”). Proposed Acquisition of Sparton Corporation (“Sparton”) And Placing of New Ordinary Shares to raise £133.7m (net). Ultra, the international defence, security, transport and energy company, is pleased to announce that it has entered into a conditional merger agreement to acquire New York Stock Exchange-listed Sparton for $23.50 per Sparton share in cash, valuing Sparton’s total equity(1) at approximately $234.8m (£180.6m(2)) (the “Acquisition”). As part of the Acquisition, Ultra will assume Sparton’s net debt at Completion. Adjusting for the targeted cost savings, this equates to a pro forma FY2016 EV/EBITDA multiple of 7.6 times. Sparton is a provider of design, development and manufacturing services for complex electromechanical devices, as well as sophisticated engineered products. Sparton has two reportable business segments: Engineered Components & Products (“ECP”) and Manufacturing & Design Services (“MDS”). ECP is Ultra’s 50/50 partner in the long-standing ERAPSCO joint venture, which develops, manufactures and supports all US sonobuoys supplied to the US Department of Defense (“US DoD”). Ultra’s intention is to dispose of the MDS division by the end of Q1 2018 as it considers it to be non-core to the Combined Group going forward and is in advanced discussions with several interested parties in relation to this disposal.
Highlights of the Acquisition:
• The ECP Division of Sparton is an excellent strategic fit with Ultra’s existing activities in a segment in which the Ultra Group has extensive experience and well established customers
• Enhances Ultra’s continuing relationship with a major customer
• Increases exposure to the growing sonobuoy segment
• Attractive financial returns for Ultra
• Allows Ultra to secure an important revenue and earnings stream
Ultra also announces today the launch of a placing with institutional investors of 7,047,168 new ordinary shares of 5 pence each in the capital of Ultra (the “Placing Shares”) at a price of 1,950 pence per Placing Share (the “Placing Price”), representing approximately 9.9% of Ultra’s existing issued share capital (the “Placing”). The net proceeds of the Placing will be used to part-fund the Acquisition, with the remaining Acquisition consideration being funded through drawdown under the Ultra Group’s existing bank facilities. The Placing is not conditional upon Completion. The Placing is subject to the terms and conditions set out in Appendix 1 (which forms part of this Announcement).

05 Jul 17. StandardAero and Airbus enter into exclusive negotiations for the acquisition by StandardAero of Vector Aerospace Holding SAS. StandardAero Aviation Holdings, Inc. (“StandardAero”) and Airbus
SE (“Airbus”) today announced that they have entered into exclusive negotiations with respect to an acquisition by StandardAero of Vector Aerospace Holding SAS (“Vector”) from Airbus. Vector is a global aerospace maintenance, repair and overhaul company, providing responsive, quality support for turbine engines, components, fixed- and rotary-wing aircraft. A truly international company, it generated revenues of US$ 704.8m in 2016 and employs approximately 2,200 people in 22 locations across Canada, the United States, the United Kingdom, France, Kenya, South Africa, Australia and Singapore. The proposed transaction is subject to workers’ council consultation, signing of definitive
agreements and customary approvals, such as regulatory clearances.

06 Jul 17. Israel’s Elbit raises stake in Alpha to 49%. Alpha Design Technologies Pvt. Ltd., a direct supplier of defence equipment for the Armed Forces, said on Thursday its Israeli partner Elbit Security Systems had increase

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