June 18, 2018 / 8:01 PM / a year ago

Britain intervenes in Better Capital's Gardner Aerospace deal

(Reuters) - The British government said it was intervening on grounds of national security in private equity firm Better Capital PCC Ltd’s (BCAP.L) deal to sell aircraft parts maker Northern Aerospace to Chinese-owned Gardner Aerospace Holdings Ltd.

Better Capital said earlier in June that it had agreed to sell Northern Aerospace Ltd to Shaanxi Ligeance Mineral Resources Co Ltd’s 000697.SZ unit Gardner Aerospace in a 44 million pound ($58.25 million) deal.

"On Sunday 17 June 2018, the Secretary of State issued a public interest intervention notice, confirming that he is intervening in the sale on national security grounds", Britain's Department for Business, Energy & Industrial Strategy said in a statement on Monday. bit.ly/2HZRvPA

The Competition and Markets Authority has until July 13 to submit a report on the competition and national security aspects of the proposed deal, the statement said.

Reporting by Ismail Shakil in Bengaluru. Editing by Jane Merriman

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