On 14 July 2022, the acquisition by Epiris LLP (a UK private equity firm) of Sepura Ltd became the first transaction to be cleared under the NSI Act, subject to remedies.
Sepura is a UK-based developer and supplier of digital radio devices that use Terrestrial Trunked Radio (or ‘TETRA’), a technology that offers a resilient and secure voice and data platform designed specifically for government and emergency-service users. Sepura was sold by its Chinese owner and, although the UK identity of the new owner was considered preferable, remedies were still imposed to protect sensitive information and technology from unauthorised access, and to maintain the UK’s abilities in repairing, servicing and maintaining devices used by the UK emergency services.
This case is an important demonstration of the fact that the new rules apply to UK buyers, as well as to private equity investments.