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The Department for Digital, Culture, Media & Sport has published the executive summary of the Competition and Markets Authority鈥檚 (CMA) 鈥楶hase One鈥� report into the proposed acquisition of Arm Limited by NVIDIA Corporation.

The CMA has advised that it is appropriate to publish the executive summary ahead of the full report, as has been done with other cases, because this is a high-profile international case, subject to significant interest, and it will increase transparency around the matter.

The report was delivered to the Digital Secretary Oliver Dowden following his decision to issue a Public Interest Intervention Notice in April 2021. That decision required the CMA to conduct a 鈥楶hase One鈥� investigation to assess the proposed acquisition on competition grounds, and provide a summary of any representations relating to the public interest.

The CMA鈥檚 executive summary includes its assessment on jurisdictional and competition issues. The government has also separately been considering the national security implications of the transaction.

The Digital Secretary is now considering the relevant information contained in the full report. He will make a decision on whether to ask the CMA to conduct a 鈥楶hase Two鈥� investigation in due course. There is no set period in which this decision must be made, but it must take into account the need to make a decision as soon as reasonably practicable to reduce uncertainty.