Anticipated acquisition of Perpetuus Group by Shanghai Kington Technology Limited and others
The CMA Phase 1 report and Phase 2 reference under Section 45(5) of the Enterprise Act 2002, in relation to the proposed acquisition of the Perpetuus Group by Shanghai Kington Technology Limited and others.
Documents
Details
On 5 September 2021, the BEIS Secretary of State issued a Public Interest Intervention Notice in relation to the proposed acquisition of The Perpetuus Group by Taurus International Ltd and others. This instructed the CMA to carry out a Phase 1 investigation of the case. Meanwhile, the government carried out an investigation on national security grounds.
The government is today publishing the CMA’s Phase 1 report.
The Secretary of State for Business Energy and Industrial Strategy has today issued a Phase 2 reference under Section 45(4) of the Enterprise Act 2002. This instructs the Competition and Markets Authority to carry out a Phase 2 investigation on the grounds of national security. We have today published the terms of reference and a letter to the transaction Parties setting out the reasons for the reference.
The CMA will now lead the Phase 2 investigation of the national security issues. It will have 24 weeks to conduct this investigation before delivering a final report to the Business Secretary. This deadline may be extended by up to 8 weeks.