Kwasi Kwarteng is poised to approve the US takeover of one of Britain’s most sensitive defence companies after a transatlantic diplomatic row.
The Business Secretary said that he is prepared to agree to the £2.6bn purchase of Ultra Electronics, which makes vital equipment for nuclear submarines, following promises made by its buyer, Boston-based Advent International.
It comes after US officials threatened to limit defence cooperation with Britain if the deal was blocked.
Advent has offered to place Ultra’s top-secret businesses into two separate legal entities. These will each have a government-appointed director to protect British national security interests and report to the state if the company tries to sell or pare back services important to defence.
As reported by the Telegraph in February, Britain will have powers to seize control of important operations if deemed necessary.
Read more: yahoo
