Acquisition of Plessey Semiconductors Limited by Haylo Labs Limited
Published 21 May 2026
© Crown copyright 2026
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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 21 May 2026.
2. The Parties who are subject to the order are:
i. Plessey Semiconductors Limited; and
ii. Haylo Labs Limited;
iii. together with any subsidiary, controlled entity or affiliate of the parties.
3. Haylo Labs Limited gained control of the qualifying entity, Plessey Semiconductors Limited, by increasing the percentage of shares held in Plessey Semiconductors Limited from less than 75% to 75% or more (“the Acquisition”).
4. The acquisition was a trigger event under sections 8(2)(c), 8(5)c, and 8(6) of the Act.
5. The Chancellor of the Duchy of Lancaster has approved the Acquisition, subject to the condition that the Parties meet certain information, physical, and personnel security requirements; and notification requirements related to certain commercial and business decisions.
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 the security of intellectual property in relation to microLED technology.