UK accepts commitments from Ultra and Cobham on merger deal

The UK Minister of Trade, Energy and Industrial Strategy said in a press release on Wednesday: “The Government accepts the legally binding economic undertakings offered by Cobham Ultra Acquisitions Ltd to safeguard the future of Ultra Electronics Holdings plc in the UK. have taken.”

The British government last month launched a consultation process on the 2.57 billion pounds ($3.06 billion) transaction following advice from the defense minister, and asked the trade minister to “accept the undertakings offered by Cobham” to address concerns. ready to take away.

Britain launched an investigation into the deal in August last year because of potential national security risks, even as Cobham promised to address any potential concerns.

Ultra and Cobham, owned by US private equity firm Advent, have made a number of commitments, including maintaining the Ultra Group’s UK headquarters and increasing engineering research and development spending by at least 20% by the end of three years.

The parties have agreed to increase the number of full-time (FTE) UK-based engineering R&D workforce by at least 15% and the number of UK-based manufacturing FTEs by at least 15%. period of three years.

($1 = 0.8399 pounds)

See also  G7 Declaration on Change Declaration in Hong Kong (March 12, 2021)

You May Also Like

About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

Leave a Reply

Your email address will not be published.