Kwasi Kwarteng Usa Britain UPS Waves Manufacturing Kwasi Kwarteng Usa Britain

Takeover of UK defence supplier Ultra Electronics set to be approved

Reading now: 994
theguardian.com

The UK government is set to wave through a £2.6bn takeover of a British defence manufacturer in a deal that will move a US private equity investor a step closer to controlling a significant supplier of nuclear submarine equipment.Cobham has received the green light to take over Ultra Electronics, a FTSE 250 maker of systems such as sonar and radio communications used by navies and air forces, as well as civilian aircraft.

Cobham was itself controversially taken over and broken up by US private equity investor Advent over the course of 2019 and 2020.The business secretary, Kwasi Kwarteng, announced on Thursday that he is “minded to accept undertakings offered” by a Cobham/Advent investment vehicle to address national security concerns.The government intervened in the deal in August last year, amid concerns over a series of approaches for British aerospace and defence manufacturers during the aftermath of pandemic lockdowns.

Read more on theguardian.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA