DOJ Antitrust Worries Spike $234M Navy Supplier Merger
Law360, Washington (March 5, 2018, 7:11 PM EST) -- Defense firms Ultra Electronics Holdings PLC and Sparton Corp. have abandoned a $234 million merger after the U.S. Department of Justice expressed antitrust concerns over a tie-up between the only two companies qualified to produce submarine-detecting sonobuoys for the U.S. Navy, the parties said Monday.
The companies, which currently operate a joint venture producing the technology, decided to terminate the planned merger after realizing the DOJ might seek a preliminary injunction blocking the deal, Sparton said. The DOJ, and the Navy, "expressed the view" that Sparton and Ultra should compete separately and work toward dissolving the joint venture, according to the...
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