Acquisition of Ligeance Aerospace Technology Co. Ltd: Notice of final order variation
Updated 20 March 2024
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Date: 13th March 2024
1. The Deputy Prime Minister (바카라 사이트渢he Secretary of State바카라 사이트�) has varied a final order pursuant to section 27聽of the National Security and Investment Act 2021 (바카라 사이트渢he Act바카라 사이트�). The variation comes into force 13th March 2024.聽聽
2. The Parties who are subject to the order are:
i. Sichuan Development Holding Co Ltd (바카라 사이트渢he Acquirer바카라 사이트�).
ii. Ligeance Aerospace Technology Co Ltd (바카라 사이트渢he Target바카라 사이트�).
iii. Gardner Aerospace Holdings Ltd (바카라 사이트渢he Subsidiary바카라 사이트�)
iv. Gardner Group Ltd (UK) (바카라 사이트淐o-Subsidiary바카라 사이트�)
v. Additional respondents
3. The investment in the Target by the Acquirer resulted in a trigger event taking place in relation to a qualifying entity, and the event may have given rise to a risk to national security.
4. The initial聽 acquisition constituted a trigger event under section 8(2)(a) of the Act.
5. The order had the effect of allowing the acquisition of the Target by the Acquirer subject to provisions designed to mitigate the risk to national security.
6. The Secretary of State considers that a risk to national security arises relating to:
i. The security of a UK Aerospace company
7. The Secretary of State has imposed conditions upon the transaction which:
i. Restricted sharing of information by the Subsidiary and Co-Subsidiary with the聽聽 Target or the Acquirer.
ii. Specified the security measures which the Subsidiary and Co-Subsidiary must have in place.
iii. Removed representatives of the Target and Acquirer from the board of the Subsidiary.
iv. Required the appointment of an HM 바카라 사이트 Observer to the board of the Subsidiary.
v. Required notification of the transfer of assets out of the Subsidiary and Co-Subsidiary to the Target and/or the Acquirer.
8. The variation retains the above conditions but clarifies and refines some of the security requirements and applies consistency of meaning throughout.
9. The Secretary of State considers that the final order is necessary and proportionate to mitigate the risk to national security.