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UK Government to Intervene Nvidia, Arm $40-Billion Deal on National Security Grounds

3:18PM ET 4/19/2021 MT Newswires
The UK Government said Monday that it will intervene in the proposed sale of British semiconductor conductor Arm to Nvidia (NVDA) on national security grounds.

US chip designer and producer Nvidia said in September 2020 that it intends to buy UK-based chip designer Arm from SoftBank Group for $40 billion.

"Following careful consideration of the proposed takeover of Arm, I have today issued an intervention notice on national security grounds," said Oliver Dowden, secretary of state for digital, culture, media and sport. "We want to support our thriving UK tech industry and welcome foreign investment, but it is appropriate that we properly consider the national security implications of a transaction like this."

By July 30, the Competition and Markets Authority has to submit to the Digital Secretary a report assessing the impact of the transaction on competition, jurisdiction and national security as part of the phase one investigation.

Following the phase one completion, Dowden can decide to clear the transaction in the absence of public interest concerns, green light the deal subject to any agreed terms or refer the deal to a phase two investigation for further assessment.

"The digital secretary has the power to take action to remedy, mitigate or prevent any effects adverse to the public interest" at the end of the phase two probe, according to the statement.

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