On July 24, 2018, the UK Government published proposals for legislative reform that would give it significantly greater powers to intervene in UK transactions on national security grounds.
This Alert Memorandum summarizes the proposals and the possible implications.
On October 17, 2017, the UK Government published legislative proposals that would give it greater powers to intervene in mergers that raise national security considerations or involve national infrastructure. In the short-term, any transaction involving a party active in the manufacture or design of products for military use or in the “advanced technology” sector could face review on public interest grounds where the target’s UK turnover exceeded £1 million. In the longer-term, an even wider set of transactions – including bare asset sales and investments in new projects – could be scrutinised on national security grounds and be subject to mandatory notification to the UK Government before being allowed to proceed.
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