On 16 November 2022, the UK Secretary of State responsible for Business, Energy & Industrial Strategy (“BEIS”) effectively blocked another transaction in the semiconductor industry under the National Security and Investment Act 2021 (the “NSI Act”). Nexperia, ultimately owned by Wingtech of China, was ordered to divest its 86% controlling share of the UK-based Newport Wafer Fab (“Newport”), following a prolonged NSI review which commenced on 25 May this year. Since the NSI Act came into
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