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UK approves TransDigm-CPI deal with national security condition

LONDON (Reuters) -Britain on Wednesday approved TransDigm's acquisition of units owned by U.S.-based Communications & Power Industries (CPI), on the condition that CPI's UK research and manufacturing capabilities in relation to atomic clocks remain in the country.

Britain invoked its National Security and Investment Act to make the provision, issuing a final order in relation to the deal, saying the condition was "necessary and proportionate to mitigate the risk to national security".

CPI's TMD unit in Britain has received funding from the UK government to develop a high-precision, quantum-enabled positioning, navigation and timing system which would operate without using signals from satellites in space.

This technology, which would also be designed to be portable, is expected to have substantial future uses in defence, global navigation and telecommunications applications.

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TransDigm said in November it would buy CPI's components and subsystems business for about $1.39 billion in cash to deepen its presence in the booming aircraft repair market.

Britain issued the statement on Wednesday with reference to TransDigm's acquisition of Iceman Holdco Inc and its UK subsidiaries including CPI TMD Technologies. Britain had issued the same condition in relation to Iceman's acquisition of CPI in 2022.

(Reporting by Muvija M; Writing by Sarah Young; Editing by Sachin Ravikumar)