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U.K. Watchdog Refers CHC/Babcock International Deal for Further Review

By Ian Walker

 

The U.K. Competition and Markets Authority said Monday that it will refer CHC Group LLC's acquisition of Babcock International Group PLC's oil-and-gas offshore helicopter business for a further review after CHC said that it won't offer any solution to address the regulator's competition concerns.

The CMA said on Nov. 18 that the deal raised competition concerns within the U.K. and invited CHC to offer undertakings to address them.

The CMA said Monday that it was informed by CHC on Nov. 25 that it wouldn't be offering any undertakings and that the regulator will now refer the deal for a Phase 2 investigation.

On Sept. 1, Babcock said that it had sold Babcock Mission Critical Services Offshore Ltd., Babcock Offshore Services Australasia Pty Ltd., and Babcock Denmark A/S for 10 million pounds ($13.3 million) to the Texas-based helicopter services company.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

November 29, 2021 02:44 ET (07:44 GMT)

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