Acquisition of 100% of shareholding in Oxford Nanoscience Limited by QD Oxford UK Limited: notice of final order
Published 15 December 2025
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1. Following a detailed national security assessment, the Chancellor of the Duchy of Lancaster has made a final order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force on the completion date of the acquisition.
2. The parties who are subject to the order are:
i. Oxford Nanoscience Limited;
ii. QD Oxford UK Limited; and
iii. Quantum Design International Incorporated.
3. QD Oxford UK Limited will gain control of the qualifying entity, Oxford Nanoscience Limited, by acquiring the entire issued share capital of Oxford Nanoscience Limited.
4. The acquisition constitutes trigger events under sections 8(2)(c), 8(5)(c) and 8(6) of the Act.
5. The Chancellor of the Duchy of Lancaster has allowed the acquisition to proceed subject to the condition that the parties:
i. maintain in the UK Oxford Nanoscience’s capability for developing and producing dilution refrigerator products and services for quantum technology to meet demand from UK Government projects and programmes;
ii. ensure continuity of supply and servicing by Oxford Nanoscience Limited for dilution refrigerators for quantum technologies for current and future UK Government projects and programmes subject to funding on reasonable commercial terms.
6. The Chancellor of the Duchy of Lancaster considers that the measures contained within the final order are necessary and proportionate to remedy, prevent or mitigate the risks to national security relating to:
i. the UK’s continued access to dilution refrigerators which enable quantum technologies with national security applications.