This week has seen the government exercise its "call-in" powers under the National Security and Investment Act 2021 (the "Act") not once, but twice; the first time these powers have been used since the Act came into force last year. 

On Wednesday, the Department for Business, Energy & Industrial Strategy ("BEIS") "called-in" the acquisition of Newport Wafer Fab by Nexperia, following this on Thursday with the "call-in" of the acquisition of 6% of shares in BT by Altice.  

Under the Act, share deals in specified sectors are subject to a mandatory notification regime if certain shareholding thresholds are met, while other deals (including asset deals) may be voluntarily notified if there is a potential national security interest in the transaction. The government also has the ability to "call-in" a transaction for review where there is a reasonable suspicion that it may give rise to a national security risk. This "call-in" right has not been exercised until this week and the government now has 30 working days to decide whether to clear the transactions, impose conditions or extend the investigation period by another 45 working days. 

The results of these "call-ins" will no doubt be awaited with bated breath and not just by the parties and advisors involved in the two deals. In what is still early days for the regime, any gleaning of information as to how BEIS will conduct its investigations and interpret its guidance will be welcomed by many in the corporate world.