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Statutory timetable

Phase 1

Undertakings accepted by the Secretary of State

6 July 2022: The Secretary of State for Business, Energy and Industrial Strategy announced that he accepted statutory undertakings from the parties involved in the proposed acquisition by Cobham Ultra Acquisitions Limited of Ultra Electronics Holdings plc and the acquisition will not therefore be referred to the CMA for a further assessment. A copy of the decision notice and signed undertakings can be found below.

• Decision notice (6.7.22)

Undertakings being considered by the Secretary of State

On 23 June 2022, the Secretary of State for Business, Energy and Industrial Strategy announced that he will consult on undertakings offered by the Parties involved in the anticipated acquisition by Cobham Ultra Acquisitions Limited of Ultra Electronics Holdings plc.

CMA report published by the Secretary of State

23 June 2022: The Department for Business, Energy and Industrial Strategy has published the CMAs report on the anticipated acquisition by Cobham Ultra Acquisitions Limited of Ultra Electronics Holdings plc.

• CMA report and BEIS consultation on draft undertakings (23.6.22)

Report delivered to Secretary of State

13 January 2022: The CMA has delivered its report to the Secretary of State for Business, Energy & Industrial Strategy (BEIS). The report includes (i) an assessment of whether the CMA believes that it is (or may be) the case that this transaction (if carried into effect) would result in the creation of a relevant merger situation under the provisions of the Enterprise Act 2002, (ii) the CMAs competitive assessment including its assessment of whether undertakings-in-lieu of reference would be appropriate, and (iii) a summary of any representations on national security matters received from third parties.

Any decision on whether the transaction operates, or may be expected to operate, against the public interest will be taken by the Secretary of State for BEIS.

Public interest intervention notice and invitation to comment

19 August 2021: On 18 August 2021, the Secretary of State for Business, Energy & Industrial Strategy 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 in accordance with section 44 of the Enterprise Act 2002 by 18 January 2022.

The report will include the CMAs 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 a 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.

It 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 States decision.

To assist with this assessment, the CMA invites comments on the impact of the transaction from any interested party with responses due by 10 September 2021.

Contact

Please send written representations about any competition or public interest to:mergers@cma.gov.uk