Ultra Electronics lower as U.K. government reviews Advent buyout proposal

By Adria Calatayud

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The U.K. government said late Wednesday that it is intervening in Ultra Electronics Holdings PLC’s proposed 2.57 billion pounds ($3.53 billion) takeover by Advent International Corp.’s Cobham Group Holdings Ltd. on national security grounds.

The U.K. government said Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng issued a public interest intervention notice to intervene in the deal.

The Competition and Markets Authority will now prepare a report on the proposed transaction which will be submitted to the secretary of state by Jan. 18, the government said.

Ultra Electronics on Monday said it had agreed to a takeover by Cobham Ultra Acquisitions Ltd., as first announced last month.


Write to Adria Calatayud at adria.calatayud@dowjones.com


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