On January 20, 2020, Cobham Limited announced that on July 25, 2019, the boards of AI Convoy Bidco Limited, an indirect subsidiary of funds managed by Advent International Corporation, and the Company announced that they had reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of the Company by AI Convoy Bidco. The Company added that the acquisition was to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 which was contained in a document sent to ordinary shareholders of the Company on August 21, 2019.