SMFLH / MRL merger inquiry
Source: gov.uk (2025-11-21)

The Competition and Markets Authority (CMA) investigated the completed acquisition by SMFL LCI Helicopters Limited (SMFLH) of Macquarie Rotorcraft Limited (MRL).

Statutory timetable

Phase 1

CMA clearance decision

11 November 2025: The CMA has cleared the completed acquisition by SMFL LCI Helicopters Limited of Macquarie Rotorcraft Limited.
- Full text decision (PDF, 166KB) (https://assets.publishing.service.gov.uk/media/692023af9c8e8f345bf985f9/Decision_full_text.pdf) (21.11.25)
Revocation of initial enforcement order

29 October 2025: In view of the evidence available to the CMA at this stage, the CMA has revoked the initial enforcement order.
- Revocation order (PDF, 105KB) (https://assets.publishing.service.gov.uk/media/69035c6f20da736e65913135/Revocation_order.pdf) (31.10.25)
Launch of merger inquiry

7 October 2025: The CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement notice (PDF, 89KB) (https://assets.publishing.service.gov.uk/media/68e4dff68c1db6022d0ca190/Commencement_notice_7_October_2025.pdf) (7.10.25)
Invitation to comment: closed

7 October 2025: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

Pre-notification

The CMA has received the necessary information from the parties to commence pre-notification.

Initial enforcement order

8 September 2025: The CMA has revoked and reissued the IEO imposed on 15 May 2025 in relation to the completed acquisition by SMFLH of MRL.

Revocation order (PDF, 105KB) (https://assets.publishing.service.gov.uk/media/69035c6f20da736e65913135/Revocation_order.pdf) (9.9.25)

Initial enforcement order (reissued) (PDF, 340KB) (https://assets.publishing.service.gov.uk/media/68bed75f92fb36a072da1cb0/Initial_enforcement_order__reissued__1.pdf) (9.9.25)

15 May 2025: The CMA has revoked and reissued the IEO imposed on 15 May 2025 in relation to the completed acquisition by SMFLH of MRL.
- Revocation order (PDF, 102KB) (https://assets.publishing.service.gov.uk/media/682dccbae9440506ee9538f8/IEO_revocation_order.pdf) (22.5.25)
- Initial enforcement order (reissued) (PDF, 203KB) (https://assets.publishing.service.gov.uk/media/682dccf0a599d03a16bff391/re-issued_IEO.pdf) (22.5.25)
15 May 2025: The CMA has served an IEO under section 72(2) of the Enterprise Act 2002 on Sumitomo Mitsui Financial Group Inc. (SMFG), Sumitomo Corporation (SC), Sumitomo Mitsui Finance & Leasing Co. Limited (SMFL), SMFLH, and MRL.
- Initial enforcement order (PDF, 203KB) (https://assets.publishing.service.gov.uk/media/682dcd1eb33f68eaba9538f4/initial_enforcement_order.pdf) (22.5.25)
Amendments / consents granted
- Derogation 15 May 2025 (PDF, 126KB) (https://assets.publishing.service.gov.uk/media/682df06ea599d03a16bff3c7/derogation_15_may.pdf) (22.5.25)
- Derogation 12 June 2025 (PDF, 112KB) (https://assets.publishing.service.gov.uk/media/6853ca572b367fdd44c15e99/Derogation_1_19_June_2025__1_.pdf) (19.6.25)
- Derogation 12 June 2025 (PDF, 135KB) (https://assets.publishing.service.gov.uk/media/6853ca6e235ba1380b6aa6ed/Derogation_2_19_June_2025__1_.pdf) (19.6.25)
- Derogation 31 July 2025 (PDF, 141KB) (https://assets.publishing.service.gov.uk/media/6899c9fc3080e72710b2e339/Derogation_31_July_2025_.pdf) (12.8.25)
- Derogation 24 October 2025 (PDF, 134KB) (https://assets.publishing.service.gov.uk/media/690c6555276dd02bc451aaaa/Derogation_consent_letter_delegation_of_authority_and_regulatory_compliance_-_24_October_2025.pdf) (6.11.25)
- Derogation 24 October 2025 (PDF, 130KB) (https://assets.publishing.service.gov.uk/media/690c656db5e5a06aefd46acf/Derogation_consent_letter_on_intercompany_loans_rollover_-_24_October_2025.pdf) (6.11.25)
Contact

Please send written representations about any competition or public interest to xxx@xxx.xx (mailto:xxx@xxx.xx)

Privacy notice

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy notice (https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter).