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Better Capital says Northern Aerospace sale to Chinese buyer terminated after failing to get UK competition regulator approval

The Jon Moulton founded firm 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"

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"Accordingly the proposed transaction has lapsed,” Better Capital added

Better Capital PCC Ltd said its sale of Northern Aerospace Ltd to a Chinese buyer had fallen through after it failed to get approval from the UK competition regulator.

Last month the Competition and Markets Authority launched a probe into the sale of the airplane parts maker by the UK private equity firm to a unit of China's Shaanxi Ligeance Mineral Resources Co., issuing an intervention notice halting the disposal on national security grounds.

READ: UK government intervenes on national security grounds in Better Capital deal to sell Northern Aerospace to Chinese firm

In a statement today, John Moulton founded 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,” it added.

The private equity firm had agreed to sell Northern Aerospace to Shaanxi Ligeance unit, Gardner Aerospace, in a £44mln deal at the start of June.

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