Acquisition of FireAngel Safety Technology Group Plc by Intelligent Safety Electronics Pte Ltd: notice of final order
Published 16 May 2024
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1. Following a detailed national security assessment, the Secretary of State has made a Final Order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force on 16 May 2024.
2. The Parties who are subject to the order are:
i. FireAngel Safety Technology Group Plc;
ii. FireAngel Safety Technology Limited;
iii. Intelligent Safety Electronics Pte Ltd; and
iv. Siterwell Electronics Co Ltd.
3. Intelligent Safety Electronics Pte Ltd will gain control of the qualifying entity by acquiring 100% of FireAngel Safety Technology Group Plc. It currently owns 17.46% of the shares.
4. The qualifying entity, FireAngel Safety Technology Limited (“FireAngel Limited”), is a distributor of products including smoke alarms and heat sensors, and has a portfolio of software applications which support its internet-enabled products. It is a wholly owned subsidiary of FireAngel Safety Technology Group Plc (“FireAngel Group”).
5. Intelligent Safety Electronics Pte Ltd (“Intelligent Safety Electronics”) is a holding company wholly owned by Siterwell Electronics Co Ltd (“Siterwell”). Siterwell is a high-tech manufacturer which focuses on developing and manufacturing various types of sensor alarms and internet-enabled products.
6. The Acquisition is a trigger event under section 8(2)(c) of the Act.
7. The Secretary of State has approved the acquisition of FireAngel Group by Intelligent Safety Electronics subject to the condition that the Parties:
i. Meet certain requirements relating to corporate governance, including UK Security Vetting clearance for certain members of the Executive Committee and Board of Directors;
ii. Appoint a Chief Information Security Officer with UK Security Vetting clearance who will have oversight of requirements relating to infrastructure, data handling, access to IT systems and software and firmware updates;
iii. Implement visitor protocols for visitors and seconded employees to FireAngel Group sites; and
iv. Meet certain requirements relating to the design of networked products, including the continued screening of samples by an accredited testing authority.
8. The Secretary of State considers that these measures mitigate any risks to national security in relation to:
i. the potential for access to data;
ii. changes in control over the supply chain of networked products.
9. The Secretary of State considers that the Final Order is necessary and proportionate to mitigate the risk to national security.