Advent International / Cobham merger inquiry
Advent International Corporation proposes to acquire Cobham Plc. The Secretary of State has required the CMA to investigate and report in accordance with Article 4 of the Enterprise Act 2002 (Protection of Legitimate Interests) Order 2003.
Statutory timetable
| Phase 1 date | Action |
|---|---|
| 20 December 2019 | Undertakings accepted by Secretary of State for Business, Energy, & Industrial Strategy |
| 19 November 2019 | BEIS publication of CMA report and consultation on draft undertakings |
| 29 October 2019 | Report delivered to the Secretary of State for Business, Energy, & Industrial Strategy |
| 2 October 2019 | Invitation to comment closed |
| 17 September 2019 | Secretary of State for Business, Energy, & Industrial Strategy’s European intervention notice |
Undertakings accepted by Secretary of State
On 20 December 2019 the Secretary of State for Business, Energy, & Industrial Strategy announced that she had accepted statutory undertakings from the parties involved in the proposed acquisition and that the acquisition will therefore not be referred to the CMA for a further assessment. A copy of the decision notice and signed undertakings can be found below.
- Decision notice and signed undertakings (20.12.19)
Undertakings being considered by the Secretary of State
19 November 2019: The Secretary of State for Business, Energy & Industrial Strategy (BEIS) announced that they will consult on undertakings offered as part of the proposed acquisition by Advent International of Cobham plc.
Report delivered to Secretary of State
29 October: The CMA has delivered its report to the Secretary of State for Business, Energy & Industrial Strategy (BEIS). As required by the European Intervention Notice, the report includes 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 European relevant merger situation under the provisions of the Enterprise Act 2002. It also includes a summary of representations on national security matters from third parties, such as government departments with relevant expertise. Any decision on whether the transaction operates, or may be expected to operate, against the public interest will be taken by the BEIS Secretary of State.
Invitation to comment: now closed
18 September 2019: To make representations on jurisdictional and public interest matters, please contact the CMA by 1 October 2019.
European Intervention Notice
17 September 2019: The Secretary of State for Business, Energy, & Industrial Strategy issued a European intervention notice (EIN) in relation to the anticipated acquisition by Advent International Corporation of Cobham Plc (the Transaction) on the public interest ground of national security, in accordance with section 67(2) of the Enterprise Act 2002 (the Act). This means that the Secretary of State will decide on whether the Transaction operates, or may be expected to operate, against the public interest and should be referred to a phase 2 assessment, taking into account public interest issues.
The CMA is required to submit a report to the Secretary of State on this Transaction in accordance with Article 4 of the of the Enterprise Act 2002 (Protection of Legitimate Interests) Order 2003 by 29 October 2019.
The report will include the CMA’s 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 European relevant merger situation under the merger provisions of the Act. The report will also include a summary of any representations the CMA receives which relate to the public interest consideration specified in the EIN, national security, and which are or may be relevant to the Secretary of State’s decision.
Updates to this page
Last updated 19 November 2019 + show all updates
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Link added to the CMA report and BEIS consultation on draft undertakings, which have been published by the Department for Business, Energy & Industrial Strategy.
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Report delivered to Secretary of State.
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First published.