Tue, 19 Nov 2019 | BUSINESS SALE
The British government is poised to approve the $5 billion takeover of defence company Cobham by US private equity firm Advent.
The deal, which was originally announced in July of this year, had been held up while Defence Minister Andrea Leadsom established whether it would pose a risk to national security.
However, the UK government is now minded to accept the deal after Advent made a number of commitments to assuage concerns. These commitments include placing a number of British executives on Cobham’s board, strengthening security at sensitive locations and informing the Ministry of Defence if it decides to sell Cobham in future.
The government will now run a consultation on Advent’s proposals until December 17. The deal would represent the first major takeover of a British company since Boris Johnson became Prime Minister in July.
In a statement, Andrea Leadsom said: “No decision will be taken on whether to accept the undertakings until the consultation has closed and the representations have been carefully considered.”
Shonnel Malani, partner at Advent, said: “Following the CMA’s review, we have worked closely with the Ministry of Defence to construct undertakings that would adequately mitigate against any potential national security risks and we welcome today’s decision by the secretary of state to propose to accept those undertakings, subject to consultation.”
Cobham was launched in the 1930s and now produces technology utilised in aircraft, including the F-35 Joint Strike Fighter and Eurofighter Typhoon, as well as in advanced naval vessels, satellites and military vehicles. The company currently employs around 10,000 people.
This is the exciting sale of an engineering company specialising in the relocation, modification, maintenance and installation of plant, machinery and industrial equipment. Notably, the business has recently expanded its scope into electrical and ren...
Looking to identify potential purchasers for a heavy and precision engineering business which offers services to UK and European markets.
Trusted supplier to a diverse range of markets including aerospace, medical, construction and sub-sea applications with low exposure to any single sector. Skilled and loyal team in place with extensive knowledge of business operations and key relatio...
01
|
Apr
|
Law firms merge to create regional powerhouse | MERGER
A Lincolnshire and Yorkshire law firm have announced they ar...
01
|
Apr
|
Jackson Jackpot falls into administration | ADMINISTRATION
Online competition business Jackson Jackpot Ltd has gone int...
01
|
Apr
|
UK administrations: March 26 – April 1 | ADMINISTRATION
Since our last update, the following businesses have been co...
18
|
Aug
|
Defence tech firm acquired in £2.6bn deal - CMA to investigate [UPDATED] | BUSINESS SALE
British defence tech supplier Ultra Electronics has been acq...
26
|
Apr
|
Chester-based bike seller up for sale | ADMINISTRATION
A firm based near Chester that sells bicycles and cycling ac...
16
|
Jun
|
Priory to sell care home business | BUSINESS SALE
The Priority Group, the business behind the celebrity rehabi...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.