Competition Commission approves merger within the local aerospace, defence sector
The Competition Commission announced on Wednesday that it had approved the takeover of Paramount Aerospace Holdings by Aerospace Holdings. “The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market,” it stated.
The Paramount Aerospace Holdings group embraced Paramount Aerospace Industries, Paramount Aerospace Innovation and Paramount Aerospace Systems. Between them, they undertake the manufacture, assembly and supply of components for aircraft and avionics, as well as the design, development and manufacture of the Advanced High-Performance Reconnaissance Light Aircraft (better known by the acronym AHRLAC).
The acquiring group, Aerospace Holdings, is itself “ultimately” controlled by a trust. In South Africa, that trust controls Paramount International. In turn, Paramount International controls Paramount South Africa, Paramount Mobility and Security Solutions, Paramount Land Systems and Paramount Flight Training Squadron.
Thus, Aerospace Holdings and its controlling trust are, the commission points out, active in the aviation and security sectors. This includes the provision of military flight training (Paramount Flight Training Squadron), canine training for policing, security and defence purposes (Paramount Mobility and Security Solutions), and the design and development of armoured vehicles (Paramount Land Systems), as well as business development and contracting in South Africa (Paramount South Africa).
“To address public interest concerns, the merger parties have agreed to a comprehensive package of conditions designed to promote employment stability, industrial capacity and skills development in South Africa,” reported the commission.
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