UK Business Secretary Kwasi Kwarteng has announced there will be a “full assessment” of Nexperia’s acquisition of the Newport Wafer Fab in Wales. “We welcome overseas investment, but it mustn’t threaten Britain’s national security,” Kwarteng said on Twitter. The British government can intervene in acquisitions, even retrospectively, on national security grounds under the National Security and Investment Act, which came into full force in January.
The takeover of the, by modern standards, tiny fab was announced last year. Previously, the British National Security Adviser concluded that there were not enough security concerns to block the deal. Several members of Parliament, however, worry about the fab being controlled by a Chinese firm – Nexperia is a subsidiary of Wingtech Technology.