20 December 2022: Acquisition of Electricity North West Limited by Redrock Investment Limited: notice of revocation of final order
Published 29 September 2022
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1. On 29 September 2022, the Secretary of State for Business, Energy and Industrial Strategy (“the Secretary of State”) made a final order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which came into force that day.
2. The Parties who were subject to the order are:
i. Redrock Investment Limited (“the Acquirer”).
ii. Electricity North West Limited (“the Qualifying Entity”).
3. The Acquirer had planned to acquire a 51% interest in Swingford Holdings Corporation Ltd (“Swingford SPV”) and a 51% interest in Equitix MA EPS North LP (“Equitix LP”). Swingford SPV holds a 20% interest in the Qualifying Entity and Equitix LP holds a 15% interest in the Qualifying Entity.
4. Through its interests in Swingford SPV and Equitix LP, the Acquirer would have obtained a 35% interest in the Qualifying Entity as per paragraph 3 of schedule 1 to the Act. This constituted a trigger event under section 8(2)(a) of the Act.
5. On 20 December 2022, the Secretary of State revoked the final order pursuant to section 27 of the Act.
6. Revocation comes into effect on 20 December 2022. The revocation has the effect of revoking the effect of all the requirements that the final order placed on the Acquirer and the Qualifying Entity.
7. The reason for the revocation is the decision by the Acquirer not to proceed with the acquisition.