29th Oct 2019 15:18
(Alliance News) - The UK Competition & Markets Authority on Tuesday said it has delivered its report concerning the acquisition of Cobham PLC by Advent International Corp to the Secretary of State for Business, Energy, & Industrial Strategy.
"As required by the European Intervention Notice, the report includes an assessment of whether the CMA believes that it is (or may be) the case that this transaction (if carried into effect) would result, in the creation of a European relevant merger situation under the provisions of the Enterprise Act 2002," the UK competition regulator said.
Any decision on whether the transaction would be against the public interest will be taken by Secretary of State Andrea Leadsom, with the CMA's report to be published once the decision is made.
In July, defence firm Cobham agreed to be taken over in a GBP4 billion deal by an indirect subsidiary of funds managed by US private equity firm Advent International Corp.
Leadsom in September then issued a European intervention notice in relation to the deal, and wrote to the UK competition regulator instructing it to investigate. She said the decision came following "careful consideration".
Cobham shares were down 0.5% at 158.00 pence in London on Tuesday.
By Lucy Heming; [email protected]
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