Author: Jane Edwards|| Date Published: November 20, 2019
The U.K. government is likely to approve a deal for Advent International to acquire aerospace and defense contractor Cobham after the Boston-based private equity firm proposed several measures to address potential national security risks from the combination, Reuters reported Tuesday.
Andrea Leadsom, U.K. business minister, said Tuesday she is leaning towards clearing the transaction after Advent presented several commitments, such as appointing a number of British executives to Cobham™s board and informing the U.K. defense ministry if it plans to divest Cobham or part of the company™s business.
œNo decision will be taken on whether to accept the undertakings until the consultation has closed and the representations have been carefully considered, Leadsom said in a statement. The consultation process on the proposals would run through Dec. 17.
Advent agreed to buy Cobham for approximately $4.99B, including debt, in July. Shareholders also approved in September the transaction, which already has secured clearance from regulators in the U.S., European Union and Finland.
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