Acquisition of 80.2% of shares in Future Technology Devices International Limited by FTDI Holding Limited
Published 6 November 2024
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1. Following a detailed national security assessment, the Chancellor of the Duchy of Lancaster has made a Final Order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force on 5 November 2024.
2. The Parties who are subject to the order are:
i. Future Technology Devices International Limited (“FTDI”); and
ii. FTDI Holding Limited (“FTDIHL”);
together with any subsidiary, controlled entity or affiliate of either of them.
3. On 7 December 2021, FTDI Holding Limited gained control of the qualifying entity, Future Technology Devices International Limited by increasing the percentage of shares held in Future Technology Devices International Limited from less than 75% to 75% or more (“the Acquisition”).
4. The Acquisition is a trigger event under section 8(2)(c) of the Act.
5. The Chancellor of the Duchy of Lancaster has imposed a final order. The order has the effect of requiring FTDIHL to sell 80.2% of FTDI within a specified period and by following a specified process.
6. The Chancellor of the Duchy of Lancaster considers that this measure mitigates risks to national security in relation to:
a. UK-developed semiconductor technology and associated intellectual property being deployed in ways that are contrary to UK national security.
b. The ownership of FTDI being used to pose a risk to critical national infrastructure which uses FTDI products.
7. The Chancellor of the Duchy of Lancaster considers that the Final Order is necessary and proportionate to mitigate the risk to national security.