9/18, 8:49 AM (Source: TeleTrader)
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Chart for: Cobham PLC ORD 2.5P

UK to look into Cobham sale on natl security grounds

The United Kingdom government issued a European Intervention Notice on Wednesday to pause Advent International's takeover of defense firm Cobham on national security grounds and referred the case to the Competition and Markets Authority (CMA), Business Secretary Andrea Leadsom said in a statement.

Leadesom noted: "As part of the statutory process, the Competition and Markets Authority will now investigate and carry out a review on the national security implications of the transaction. They must report back to me by 29 October 2019."

Earlier, shareholders of Cobham approved the £4 billion deal, Advent is headquartered in Boston, Massachusetts.

Breaking the News / VP