Merger Update: Cobham / Ultra

Anticipated acquisition by Cobham Ultra Acquisitions Limited of Ultra Electronics Holdings plc

On 18 August 2021, the Secretary of State for the Department for Business, Energy, & Industrial Strategy issued a issued a public interest intervention notice (PIIN) on the public interest ground of national security in accordance with sections 42(2), 58(1) and 58(2) of the Enterprise Act 2002 (the Act) in relation to the anticipated acquisition by Cobham Ultra Acquisitions Limited (a wholly-owned indirect subsidiary of Cobham Group Holdings Limited) of Ultra Electronics Holdings plc. This means that the Secretary of State will make the final decision on whether this transaction operates, or may be expected to operate, against the public interest and should be referred to a phase 2 assessment, taking into account both competition and public interest issues.

The Competition and Markets Authority (CMA) is required to submit a report to the Secretary of State on this Transaction in accordance with section 44 of the Act by 18 January 2022.

The report will include the CMA's assessment of whether it believes that it is, or may be, the case that this Transaction, if carried into effect, would result in the creation of relevant merger situation under the merger provisions of the Act and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market(s) in the United Kingdom for goods or services. The report will also include a summary of any representations the CMA receives which relate to the public interest consideration specified in the PIIN, namely national security, and which are or may be relevant to the Secretary of State's decision.

CMA's invitation to comment

To make representations on competition and public interest matters, please contact the CMA by 10 September 2021: