The UK government is minded to allow Advent’s purchase of Cobham after the private equity group agreed to place a number of UK executives on the defence firm’s different boards.
The UK’s business minister Andrea Leadsom had put the US$5bn deal on hold while she established whether the sale of the air-to-air refuelling equipment maker posed a national security threat.
Leadsom says that she is now minded to accept the deal after US-based Advent put forward several legal undertakings including strengthening security arrangements around the company.
Advent will also have to and to honour existing contracts with the government as well as give prior notice to the Ministry of Defence if it plans to sell all or parts of Cobham’s business.
The government says that it will now run a consultation until 17 December on the proposals. Leadsom says: “No decision will be taken on whether to accept the undertakings until the consultation has closed and the representations have been carefully considered.”