Acquisition of fully diluted 12.8% of shareholding in Paragraf Limited by MIC UAE Investments 2 RSC Limited
Published 19 June 2025
© Crown copyright 2025
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1. The Chancellor of the Duchy of Lancaster has varied a Final Order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force on 18 June 2025.
2. The Parties who are subject to the order are:
i. Paragraf Limited;
ii. MIC UAE Investments 2 RSC Limited; and
iii. Mubadala Investment Company PJSC (UAE);
together with any subsidiary, controlled entity or affiliate of the parties.
3. On June 18 2025, following a detailed national security assessment, the Chancellor of the Duchy of Lancaster approved MIC UAE Investments 2 RSC Limited’s acquisition of a minority shareholding in Paragraf Limited. On June 18 2025, the Chancellor of the Duchy of Lancaster issued a variation to clarify a minor change in articulation of the acquisition of shareholding.
4. This Public Notice is therefore issued in relation to MIC UAE Investments 2 RSC Limited’s acquisition of a fully diluted shareholding of 7.82% in Paragraf Limited; to be followed by an additional fully diluted acquisition of 4.98%, leading to a total acquisition of 12.8% of Paragraf Limited’s shareholding (“the Acquisition”).
5. The Acquisition is a trigger event under section 8(8) of the Act.
6. The Chancellor of the Duchy of Lancaster approved the Acquisition, subject to the condition that the Parties meet certain information security and operational and governance requirements.
7. The Chancellor of the Duchy of Lancaster considers that the Final Order is necessary and proportionate, and that the measures contained within this Final Order mitigate the risks to national security relating to the security of intellectual property in relation to graphene-based technology.
8. The variation to the Final Order thus clarifies a minor change of articulation in the original Final Order.