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UK to Probe Newport Wafer Deal Under National Security Act (2)

May 25, 2022, 5:59 PM

The UK government will probe a Chinese-led takeover of a British semiconductor plant, the business secretary said Wednesday.

The Department for Business, Energy, and Industrial Strategy has called in the acquisition of Newport Wafer Fab by Nexperia NV, a Dutch company owned by China’s Wingtech Technology Co, Kwasi Kwarteng announced in a tweet.

While probes to assess national security concerns are not very unusual, the new act raises the unusual prospect of a completed deal being canceled retroactively by the UK.

“There will now be a full assessment under the new National Security and Investment Act,” he said. ...