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 business provides a full range of consultancy services to the construction and utility sectors. Civil Engineering & Environmental Consultancy in the Water Industry.
LEASEHOLD
Specialises in the fabrication of kerbing, bespoke drainage channels and conveyor systems for the food industry. Also fabricates steelwork for construction projects, including handrails, balustrades and access steps.
LEASEHOLD
Established over 30 years ago. Provides an extensive selection of mechanical and electrical works including testing, mains distribution, completion certificates and installation of building management systems. Operates nationally, working with client...
FREEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
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...
|
19
|
|
Jul
|
Cobham to buy FB Heliservices | BUSINESS SALE
British defence giant Cobham has moved in on helicopter trai...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources