Acquisition of the assets and subsidiaries of Truphone Limited by TP Global Operations Limited: notice of final order
Updated 23 April 2024
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1. The Secretary of State for Business, Energy and Industrial Strategy (“the Secretary of State”) has made a final order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force on 5 December 2022.
2. The Parties who are subject to the order are:
i. TP Global Operations Limited (“the Acquirer”)
ii. TP Global Finance Limited
iii. TP Global Holdings Limited
iv. TP Global Limited
v. HMFK Capital Limited
vi. Hakan Koç
vii. Pyrros Koussios
3. The Acquirer will acquire the assets and subsidiaries of Truphone Limited. The acquirer did not previously control any of the assets belonging to Truphone Limited. This acquisition constitutes a trigger event under section 9(1)(a) of the Act.
4. The order has the effect of allowing the acquisition of the assets and subsidiaries of Truphone Limited by the Acquirer subject to provisions to mitigate the risk to national security.
5.The Secretary of State considers that a risk to national security arises relating to:
i. the disruption of UK mobile services; and
ii. the potential for the exploitation of Truphone UK user data
6. The Secretary of State has imposed conditions upon the transaction which:
i. require the Acquirer to appoint a Chief Information Security Officer (“CISO”) approved by the Secretary of State; and
ii. put in place telecoms information security measures on the Acquirer and require the Acquirer to carry out a security audit by an HMG approved auditor to produce a report setting out any new security measures.
7. The Secretary of State considers that the final order is necessary and proportionate to mitigate the risk to national security.