CHC Group LLC (OTCPK:CHHC.F) entered into a conditional agreement to acquire oil & gas aviation business of Babcock International Group PLC (LSE:BAB) on March 11, 2021. It is intended that CHC will seek clearances for the transaction from antitrust authorities in the UK and Australia, though completion is not conditional upon such clearances being received. The deal, is subject to pre-closing conditions. The transaction is subject to third party conditions. As of June 11, 2021, the transaction is analyzed by Competition and Markets Authority. The Competition and Markets Authority served an initial enforcement order on anticipated deal on June 11, 2021. The deal is expected to complete in the second calendar quarter of 2021. Tom Rose, Tom Usher, Christophe Humpe, Kathryn Jarvis, Jon Morgan, Sekou Taylor, Charlie Critchley, Eleni Papadopoulos, Rachel Carter and Joe Maughan of Macfarlanes LLP acted as legal advisor to CHC Group LLC.

CHC Group LLC (OTCPK:CHHC.F) completed the acquisition of oil & gas aviation business of Babcock International Group PLC (LSE:BAB) for £10 million on August 31, 2021. For the year ended March 31, 2021 Aviation Business Of Babcock recorded the revenues of approximately £150 million, operating profit of £2 million and Total assets of £260 million. Proceeds from this transaction will be used to reduce net debt. As of September 24, 2021, a formal inquiry has been launched by the competition watchdog into the merger of CHC and Babcock helicopters. The Competition and Markets Authority (CMA) has until November 18 to decide whether to clear the combination of the two businesses or refer it to a further investigation. The watchdog has power to review the merger even after the deal is complete. As of November 19, 2021, CHC has been given five working days to submit proposals to address the CMA's concerns. A watchdog has found that the merger of two oil and gas offshore helicopter businesses raises competition concerns in the UK. As of November 29, 2021, in exercise of its duty under section 22(1) of the Act, the CMA hereby makes a reference to its chair for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 in order that the group may investigate and report, within a period ending on 15 May 2022, on the following questions in accordance with section 35(1) of the Act: (a) whether a relevant merger situation has been created; and (b) if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services. As of March 17, 2022, The evidence gathered by the CMA shows that the UK arm of the acquired businesses remains an effective competitor, and the loss of this competition would significantly reduce rivalry between an already limited number of suppliers. The merger would reduce the number of suppliers from 4 to 3 and the CMA does not believe that new players are likely to enter the market. Hence, this merger will reduce competition in a market. The CMA welcomes responses from interested parties to its provisional findings by April 7, 2022, and its notice of possible remedies, which sets out potential options for addressing its provisional concerns, by March 31, 2022. These will be considered ahead of the CMA issuing its final decision, which is due by May 15, 2022. As of July 15, 2022, The CMA is investigating the completed acquisition by CHC Group LLC.