7th Jul 2022 11:44
(Alliance News) - Ultra Electronics Holdings PLC on Thursday said that its acquisition by Cobham Group Holdings Ltd has received all antitrust and regulatory approvals.
Back in August last year, Ultra agreed to a GBP2.57 billion takeover offer from former London listing Cobham. Cobham said it would pay GBP35.00 per share in cash for Ultra.
In June, UK Business Secretary Kwasi Kwarteng launched a consultation into the undertakings offered by Cobham to acquire Ultra, which makes submarine-hunting equipment as well as control systems for the fleet of Trident submarines that carry the UK's nuclear deterrent. The deal was originally held up on national security grounds.
Aerospace contractor Cobham was a FTSE 250 company before it was bought by private equity firm Advent International in January 2020 in a controversial deal which had sparked debate over UK national security.
On Wednesday, Kwarteng gave the acquisition the green light to proceed.
The acquisition remains subject to other conditions, including sanction by the court which is expected to take place on July 28.
Shares in Ultra Electronics were up 2.2% to 3,492.00 pence each in London on Thursday around midday.
By Sophie Rose; [email protected]
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