Flusso Limited share acquisition: no further action under National Security and Investment Act 2021
Published 24 January 2023
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The government has powers under the National Security and Investment Act (2021) to scrutinise and, if necessary, intervene in qualifying acquisitions on national security grounds.
The acquisition of 100% of Flusso Limited by Shanghai Sierchi Enterprise Management Partnership was called in for a full national security assessment by the then Business Secretary Kwasi Kwarteng on 9 March 2022.
Following careful consideration, he decided to take no further action and a Final Notification was issued to both parties on 21 June 2022.
The government will not hesitate to act to prevent risks to the UK’s national security where we judge action is necessary. Under the National Security and Investment Act (2021) acquisitions are assessed on a case-by-case basis, so any future acquisition could be subject to a separate assessment under the Act if deemed necessary.
As an open economy, we welcome foreign trade and investment where it supports UK growth and jobs, meets our stringent legal and regulatory requirements, and does not compromise our national security. The government is committed to ensuring that the UK remains firmly open for business, while still protecting investment in the UK.