Slaughter and May is advising Ultra Electronics Holdings plc on a recommended cash acquisition of the entire issued and to be issued share capital of Ultra by Cobham Ultra Acquisitions Limited, a wholly-owned indirect subsidiary of Cobham Group Holdings Limited. The Cobham Group is indirectly controlled by Advent and its affiliates.
Under the terms of the acquisition, each Ultra shareholder will be entitled to receive £35 in cash for each Ultra share and to retain the interim dividend of 16.2 pence per Ultra share announced on 19 July 2021. The acquisition, together with the interim dividend, values the entire issued and to be issued share capital of Ultra at approximately £2.57 billion on a fully diluted basis and is expected to complete in the first quarter of 2022, subject to receipt of shareholder, antitrust and foreign investment and regulatory approvals.
Ultra provides application-engineered solutions in the key elements of mission critical and intelligent systems that are on many of the world’s long-term defence programmes. Through innovative problem solving, and by using evolving technologies, Ultra engages directly with its customers to design mission-led solutions aligned to their future needs.
Slaughter and May is supporting Ultra’s General Counsel and Company Secretary, Louise Ruppel.
Bianca Pereira / Trainee, Cameron Anderson / Trainee, Angus Young / Trainee, Matthew Spilsbury / Trainee