Acquisition of a 100% shareholding in Ultra Nuclear Limited (UK) by Curtiss-Wright Controls (UK) Limited: Notice of final order
Published 11 December 2024
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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 11 December 2024.
2. The Parties who are subject to the order are:
i. Ultra Nuclear Limited (UK); and,
ii. Curtiss-Wright Controls (UK) Limited.
3. Curtiss-Wright Controls (UK) Limited will gain control of the qualifying entity by acquiring 100% of the shareholding in Ultra Nuclear Limited (UK). This will result in an increase in the percentage of shareholding from less than 75% to 75% or more, which constitutes a trigger event under section 8(2)(c) of the Act.
4. The Chancellor of the Duchy of Lancaster has approved the acquisition of 100% of the shareholding in Ultra Nuclear Limited (UK) by Curtiss-Wright Controls (UK) Limited, subject to the condition that the Parties:
i. Retain a facility within the UK that enables the continued provision of products and services currently provided by Ultra Nuclear Limited (UK) in support of UK Defence programmes and platforms.
5. The Chancellor of the Duchy of Lancaster considers that the Final Order is necessary and proportionate and that this measure mitigates the risk to national security relating to:
i. The potential impact to the UK’s defence capabilities and supply chains if Ultra Nuclear Limited (UK)’s ability to deliver products and services was reduced or relocated outside of the UK such that Ultra Nuclear Limited (UK) could no longer deliver to the Ministry of Defence’s requirement.