£44m Derby aerospace deal cleared by CMA

A £44m deal that could see Derby-based Gardner Aerospace take over Northern Aerospace has been given the go ahead by the Competition and Markets Authority (CMA).

This is despite Northern Aerospace owner Better Capital saying last month that the deal was off.

The news comes a month after Greg Clark, Secretary of State for Business Energy and Industrial Strategy issued a public interest intervention notice (PIIN), confirming that he is intervening in the sale on national security grounds.

This morning (20 July), the CMA issued a statement saying: “As a result of the PIIN issued by the Secretary of State for Business, Energy & Industrial Strategy on 17 June 2018, the CMA issued an invitation to comment on 18 June 2018 and investigated this merger. The CMA has cleared the anticipated acquisition of Northern Aerospace Limited by Gardner Aerospace Holdings Limited.”

Last month, John Moulton founder Better Capital said: “Permission to complete the sale was not obtained from the Competition and Markets Authority by the revised contractual deadline, despite requests for such permission by both parties.”

“Accordingly the proposed transaction has lapsed.”