Proposed acquisition of Ultra Electronics Holdings plc by Cobham Ultra Acquisitions Limited: public interest intervention notice
Notice relating to the proposed acquisition of Ultra Electronics Holdings plc by Cobham Ultra Acquisitions Limited.
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On 16 August 2021, Cobham Ultra Acquisitions Limited (Cobham) and Ultra Electronics Holdings plc (Ultra) announced that they had reached agreement on the terms of an acquisition of Ultra.
Under the Enterprise Act 2002, the Secretary of State for Business, Energy and Industrial Strategy has the power to intervene in mergers on public interest grounds relating to national security. This responsibility is discharged in a quasi-judicial capacity, which means that the Secretary of State must act, and be seen to act, in a scrupulously fair and impartial manner.
On 18 August 2021, acting on official advice, the Secretary of State issued a Public Interest Intervention Notice to intervene in the proposed transaction on national security grounds.
The Competition and Markets Authority will prepare a report on the proposed transaction. The Competition and Markets Authority has until midnight at the end of 18 January 2022 to complete and submit this report to the Secretary of State.
Last updated 28 April 2022 + show all updates
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Added public update on position.
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First published.