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To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the compatibility of the sale of over half of the value of Cobham by the US private equity firm, Advent, and the agreement between the Government and Advent.
To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the compatibility of the sale of over half of the value of Cobham by the US private equity firm, Advent, and the agreement between the Government and Advent.
The Government has worked with Advent to monitor compliance with the undertakings given at the time of their acquisition of Cobham, including commitments to give advanced notice of plans to sell parts of the business.
To ask the Secretary of State for Defence, whether the sale of over half of the value of Cobham by the US private equity firm, Advent, adheres to the agreement made by the Government and Advent.
To ask the Secretary of State for Defence, whether the sale of over half of the value of Cobham by the US private equity firm, Advent, adheres to the agreement made by the Government and Advent.
The agreement made by HM Government on Advent and the undertakings contained therein is overseen by BEIS.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the steps required to ensure that intellectual property previously held by Cobham will remain in the UK.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the steps required to ensure that intellectual property previously held by Cobham will remain in the UK.
Intellectual property previously held by Cobham within the UK has transferred to new ownership following Advent International’s sale of Cobham’s UK businesses.
My Rt. Hon. Friend the Secretary of State has met with the new owners to secure assurances on their continued investment in the UK businesses and security controls remain in place under the new owners to protect security sensitive information.
To ask the Secretary of State for Defence, what assessment his Department has made of the effect of the sale of assets previously held by Cobham to US businesses on employment in the UK defence sector.
To ask the Secretary of State for Defence, what assessment his Department has made of the effect of the sale of assets previously held by Cobham to US businesses on employment in the UK defence sector.
The acquisition of Cobham, a UK Aerospace and Defence company, by Advent International, in late 2019 was subject to a formal HMG review of the national security issues using powers under the Enterprise Act 2002. In line with the undertakings, Advent engaged with MOD officials on its plans to sell on various UK-based business units.
In addition, the Secretary of State for Business, Energy and Industrial Strategy has engaged with the buyers of UK parts of the former Cobham Group to ensure that the safety of jobs and investment in the UK remain a priority. We are content that under their new owners they will continue to provide the goods and services that our Armed Forces require and that UK jobs and investment will be safeguarded.
To ask the Secretary of State for Defence, pursuant to the Answer of 9 February 2021 to Question 148723, on Joint Strike Fighter Aircraft: Procurement, whether all work undertaken by Cobham within the Joint Strike Fighter programme has been designated as UK-content by his Department.
To ask the Secretary of State for Defence, pursuant to the Answer of 9 February 2021 to Question 148723, on Joint Strike Fighter Aircraft: Procurement, whether all work undertaken by Cobham within the Joint Strike Fighter programme has been designated as UK-content by his Department.
Work undertaken by Cobham at their UK facilities as part of the F-35 Lightning programme meets the criteria to be considered UK content.
To ask the Secretary of State for Defence, with reference to the recent purchase of Cobham by Advent International, what information his Department holds on whether work previously undertaken within Cobham’s UK facility on the F-35 programme is now planned to be undertaken in the US; and what assessment his...
To ask the Secretary of State for Defence, with reference to the recent purchase of Cobham by Advent International, what information his Department holds on whether work previously undertaken within Cobham’s UK facility on the F-35 programme is now planned to be undertaken in the US; and what assessment his...
No manufacturing work related to the F-35 Lightning programme has been transferred overseas as a result of the takeover of Cobham by Advent International and there are no current plans to do so. As such, the takeover has had no impact on the per unit value of F-35 work attributed to the UK Defence industry.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the legally binding undertakings given to the Government by Advent International when its purchase of Cobham was agreed in 2020 remain valid in respect of Cobham Mission Systems following the further sale of that business by Advent...
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the legally binding undertakings given to the Government by Advent International when its purchase of Cobham was agreed in 2020 remain valid in respect of Cobham Mission Systems following the further sale of that business by Advent...
The Government has been following closely the sale of Cobham Mission Systems to Eaton Corporation plc. The undertakings given to the Government by Advent International when it purchased Cobham in 2020 do not prevent the sale of the whole or parts of Cobham by Advent International. As a result of the sale of Cobham Mission Systems, Advent International is no longer bound by the undertakings in respect of Cobham Mission Systems. Any safeguards to address concerns arising from the sale of Cobham Mission Systems will be considered separately with the new owners.
To ask Her Majesty's Government what assurances they (1) sought, and (2) received, from Advent International in regard to the acquisition of Cobham plc, that Cobham plc would not be stripped of its assets.
To ask Her Majesty's Government what assurances they (1) sought, and (2) received, from Advent International in regard to the acquisition of Cobham plc, that Cobham plc would not be stripped of its assets.
On 20 December, the Secretary of State for Business, Energy and Industrial Strategy announced that she had accepted statutory undertakings from the parties involved in the proposed acquisition of Cobham by Advent International. These undertakings:
- ensure that sensitive Government information continues to be protected;
- ensure Cobham honours the terms of existing contracts and notifies the Government if there is a material change to the ability to supply key services; and
- require Advent to give prior notice to the Ministry of Defence and Home Office if there are plans to sell the whole, or elements of, Cobhamâs business.
Separately, the companies also provided legally-binding undertakings on the wider economic implications of the transaction. The companies have agreed with the Takeover Panel that Cobhamâs headquarters will remain in the UK, that the Cobham name will continue to be used and that there will be a guaranteed level of R&D spend. Advent also gave a commitment to the Business Secretary to protect jobs.
These undertakings will secure the future of Cobham and the important role it plays in our world-leading defence sector and economy.
I start by wishing everyone a happy new year—and you, Mr Speaker. I am very pleased that you now have your full cohort of deputies in place. I thank the hon. Member for Perth and North Perthshire (Pete Wishart) for his sterling work in the House at business questions and...
I start by wishing everyone a happy new year—and you, Mr Speaker. I am very pleased that you now have your full cohort of deputies in place. I thank the hon. Member for Perth and North Perthshire (Pete Wishart) for his sterling work in the House at business questions and...
May I add to the right hon. Lady’s words about the hon. Member for Perth and North Perthshire (Pete Wishart), who will be very much missed from these sessions? It always amazed me how a man of such gentleness, courtesy and kindliness in private always managed to be so fiendishly...
May I add to the right hon. Lady’s words about the hon. Member for Perth and North Perthshire (Pete Wishart), who will be very much missed from these sessions? It always amazed me how a man of such gentleness, courtesy and kindliness in private always managed to be so fiendishly...
Rhondda always wants to chip in. We might have thought that, after a little peace and quiet over Christmas, Rhondda would have calmed down, but no such luck. Because there is so much business to be brought forward, and that will depend on the progress of business. That is a...
Rhondda always wants to chip in. We might have thought that, after a little peace and quiet over Christmas, Rhondda would have calmed down, but no such luck. Because there is so much business to be brought forward, and that will depend on the progress of business. That is a...
On 25th July 2019, the boards of Cobham PLC and a subsidiary of funds managed by Advent International, a US private equity firm, announced that they had reached agreement on the terms of a recommend cash acquisition of Cobham for approximately £4 billion.
On 17th September, following advice from relevant...
On 25th July 2019, the boards of Cobham PLC and a subsidiary of funds managed by Advent International, a US private equity firm, announced that they had reached agreement on the terms of a recommend cash acquisition of Cobham for approximately £4 billion.
On 17th September, following advice from relevant...
My Rt hon friend the Secretary of State for Business, Energy and Industrial Strategy (Andrea Leadsom) has today made the following statement:
On 25th July 2019, the boards of Cobham PLC and a subsidiary of funds managed by Advent International, a US private equity firm, announced that they had reached...
My Rt hon friend the Secretary of State for Business, Energy and Industrial Strategy (Andrea Leadsom) has today made the following statement:
On 25th July 2019, the boards of Cobham PLC and a subsidiary of funds managed by Advent International, a US private equity firm, announced that they had reached...
To ask the Secretary of State for Defence, what preliminary assessment his Department has made of the implications for the UK's defence industrial strategy of the proposed acquisition of Cobham plc by a US-based private equity firm; what impact such a takeover will have on the availability to other countries...
To ask the Secretary of State for Defence, what preliminary assessment his Department has made of the implications for the UK's defence industrial strategy of the proposed acquisition of Cobham plc by a US-based private equity firm; what impact such a takeover will have on the availability to other countries...
While the proposed transaction for Cobham plc by Advent International is primarily a commercial matter for the parties concerned, we are closely monitoring the situation.
Ministry Of Defence (MOD) officials have met both parties to understand their plans in relation to the proposed acquisition. Ministers can intervene in mergers on public interest grounds covering national security, financial stability or media plurality, with each merger considered on a case by case basis.
The MOD provides advice in this process to the relevant Secretary of State, who has a quasi-judicial role in deciding whether to intervene in mergers. The Secretary of State must consider only the evidence relevant to the public interest grounds raised. This also means that it is not appropriate for the Government to provide commentary on whether public interest concerns arise in relation to a merger ahead of any decision on whether to intervene.
To ask the Secretary of State for Defence, what assessment his Department has made of the potential effect of the proposed takeover of Cobham plc by Advent International on the continuation and future of the major UK defence programmes (a) Air Tanker and (b) Tempest; and what alternatives will be...
To ask the Secretary of State for Defence, what assessment his Department has made of the potential effect of the proposed takeover of Cobham plc by Advent International on the continuation and future of the major UK defence programmes (a) Air Tanker and (b) Tempest; and what alternatives will be...
While the proposed transaction for Cobham plc by Advent International is primarily a commercial matter for the parties concerned, we are closely monitoring the situation.
Ministry Of Defence (MOD) officials have met both parties to understand their plans in relation to the proposed acquisition. Ministers can intervene in mergers on public interest grounds covering national security, financial stability or media plurality, with each merger considered on a case by case basis.
The MOD provides advice in this process to the relevant Secretary of State, who has a quasi-judicial role in deciding whether to intervene in mergers. The Secretary of State must consider only the evidence relevant to the public interest grounds raised. This also means that it is not appropriate for the Government to provide commentary on whether public interest concerns arise in relation to a merger ahead of any decision on whether to intervene.