British defence group Cobham said Monday that its �4.0-billion takeover by US private equity firm Advent International will complete next month, after the UK government approved the deal late Friday.

Britain had ordered a national security probe into US private equity group Advent International's bid, worth $5.2 billion or 4.7 billion euros, in September.

Dorset-based Cobham is known for pioneering technology enabling the mid-air refuelling of planes, while it also makes electronic warfare systems and communications for military vehicles.

Just before the weekend, Business Secretary Andrea Leadsom signed off on the takeover deal, after Advent proposed legal undertakings that are aimed at mitigating possible national security concerns.

Cobham said in a brief statement on Monday that the takeover will conclude on January 17, following news it will not face an in-depth investigation.

"Advent takes its custodianship of Cobham seriously," said Advent partner Shonnel Malani in Monday's statement.

"We are confident the transaction and undertakings being given on national security, jobs and future investment, provide important long-term assurances for both Cobham's employees and customers, particularly in the UK and also globally."

Advent's undertakings included a promise to protect sensitive government information and keep its headquarters in Britain.

In addition, it will need agreement from the Ministry of Defence and the Home Office before selling any parts of the Cobham business.

However, Leadsom's announcement -- which came after parliament closed for the Christmas recess -- sparked criticism from the company's founding family that it was aimed at avoiding scrutiny.

Lady Nadine Cobham described it as "deeply disappointing" news that was "cynically timed to avoid scrutiny on the weekend before Christmas".

Shareholders at the British company have already approved the deal despite vocal opposition from the founding family.

Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

US Congress ends Cyprus arms embargo, in blow to Turkey
Washington (AFP) Dec 17, 2019
The US Congress voted Tuesday to lift a decades-old arms embargo on Cyprus, defying Turkey by seeking warmer ties at a time of renewed tensions. The Senate approved the measure as part of a massive defense spending bill that passed 86 to eight and already went through the House of Representatives, with President Donald Trump likely to sign it. The United States imposed an embargo on the full island in 1987 with an aim to prevent an arms race and encourage a peaceful settlement between the Greek ... read more