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Britain to investigate $5 billion U.S. takeover of defense firm Cobham


Added 09-18-19 07:03:02am EST - “Britain will investigate the national security impact of the purchase of defense...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Britain to investigate $5 billion U.S. takeover of defense firm Cobham”. Below is an excerpt from the article.

LONDON (Reuters) - Britain will investigate the national security impact of the purchase of defense company Cobham by U.S. private equity firm Advent International, potentially delaying or even blocking the $5 billion deal.

Business minister Andrea Leadsom’s move on Wednesday is not unusual where there are potential security concerns and follows British government intervention in the pending acquisition of satellite group Inmarsat, by an international private equity consortium which includes U.S. firm Warburg Pincus.

Leadsom has issued a European intervention notice, calling for a report from the Competition and Markets Authority (CMA) by Oct. 29 to determine whether Cobham, the maker of air-to-air refuelling equipment, should be sold.

The CMA could decide to undertake a lengthy inquiry due to Cobham’s role in supporting aircraft such as the F-35 Joint Strike Fighter and Eurofighter Typhoon as well as advanced naval vessels, satellites and military vehicles.

Other deals investigated on national security grounds have often been cleared after undertakings from the buyer.

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