National Security and Investment regime—market practice tracker
National Security and Investment regime—market practice tracker

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • National Security and Investment regime—market practice tracker

National Security and Investment regime—market practice tracker

The National Security and Investment Act 2021 introduces a mandatory foreign direct investment (FDI) notification regime in the UK for transactions in certain sectors to protect national security, as well as an option to ‘call-in’ other transactions for review (for up to five years after completion). This new regime sits alongside the existing merger control regime and replaces the powers for the government to intervene in merger investigations on national security grounds. The Act received royal assent on 29 April 2021 and is expected to take effect later in 2021.

For further details, see News Analysis: New UK FDI screening regime approved and Practice Note: National Security and Investment Bill—progress tracker.

This Practice Note tracks looks at how companies are dealing with the NSI regime in UK public company takeover transactions.

For analysis of these deals and the underlying transaction documents, see our Market Tracker deal analysis tool. Our Market Tracker—a guide for users provides both an online demonstration of Market Tracker database and a PDF user guide.

Date of offer announcementOffer partiesIndustry sectorNS&I condition included?Drafting
25 November 2020AA plc offer by a consortium comprising TowerBrook Capital Partners (U.K.) LLP and Warburg Pincus International LLCAutomotiveYesRule 2.7 announcement:‘the receipt or waiver of the China Antitrust Clearance, the EU Antitrust Clearance, and

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