Acquisition of shares in Reaction Engines Limited by Tawazun Strategic Development Fund LLC: notice of Final Order
Published 2 September 2022
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1. The Parliamentary Under Secretary for Business, Energy and Industrial Strategy (“the Minister”) has made a final order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force at 13:00 on 02 September 2022.
2. The Parties who are subject to the order are:
i. Reaction Engines Limited
ii. Tawazun Strategic Development Fund LLC (“the Acquirer”)
3. The Acquirer proposed to acquire shares in Reaction Engines Limited.
4. This constitutes a trigger event under section 8(8) of the Act.
5. The order has the effect of allowing the acquisition of shares in Reaction Engines Limited by Tawazun Strategic Development Fund LLC subject to provisions designed to mitigate the risk to national security.
6. The Minister considers that:
i. the technology developed by Reaction Engines Limited has dual use applications.
ii. there is potential that sensitive IP could be covertly accessed by hostile actors, leading to military uplift which may present a national security threat to the UK.
7. The Minister considers that the provisions set out in the final order are necessary and proportionate to mitigate the risk to national security.