Wed, 21 Apr 2021

JERUSALEM, April 6 (Xinhua) -- Israeli defense electronics company Elbit Systems on Tuesday announced the acquisition of the U.S. undersea warfare corporation Sparton.

It was purchased by an affiliate of the private equity firm Cerberus Capital Management for 380 million U.S. dollars.

The deal closing follows the receipt of all the required approvals, including that of the U.S. government and regulatory approvals.

Founded in 1900 and headquartered in De Leon Springs, Florida, Sparton is a world-leading developer and producer of systems supporting undersea warfare for the U.S. Navy and allied military forces.

This includes complex maritime electronic mechanical systems, such as sonobuoys in support of anti-submarine warfare, submarine deployed products for undersea warfare, and depth-rated encapsulated systems to support subsea and seabed warfare.

Elbit Systems was founded in 1966 and located in the northern Israeli city of Haifa. It operates in areas including aerospace, land and naval systems, command, control, communications, and intelligence surveillance.

More Palestinian News

Access More

Sign up for Palestinian News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!