UK Reviewing Acquisition of Defense Firm by US Rival
The United Kingdom’s Competition and Markets Authority is reviewing a proposed acquisition of the U.K.-based defense firm Ultra Electronics Holdings by Cobham Ultra Acquisitions, which is owned by U.S.-based Cobham Group Holdings, an aerospace and defense technology firm. The review, announced in August, could have national security implications for the U.K., the CMA said. The agency has until Jan. 18, 2022, to investigate the transaction and submit a report on the deal about its findings.
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“The UK is open for business, however foreign investment must not threaten our national security,” Kwasi Kwarteng, the U.K 's secretary of state for business, energy and industrial strategy said last month. As CMA reviews the deal, Kwarteng said he will prevent Ultra Electronics from disclosing “sensitive information” to Cobham about goods or services it provides to the U.K. government and military. The companies said last month that they “look forward” to working with the U.K. to “safeguard Ultra’s contribution to the UK economy and national security.”