A buyer cannot assume the contracts come with the business, and a lender enforcing share security is itself a change of control.
Across the 3 regimes
United Kingdom
MOD terms require notice of any change of control and let the Authority terminate within six months. The NSI Act requires a mandatory notice for acquisitions in the defence and military and dual-use sectors.
United States
Contracts cannot be transferred without a novation agreement (FAR 42.12), though a share purchase needs none. CFIUS reviews foreign acquisitions, and ITAR registrants must notify ownership changes.
EU and NATO
National foreign investment screening, coordinated under Regulation (EU) 2019/452, and consent rights in the contract.
The rest of this page sets out the 4 quoted provisions behind these cells, what is usually negotiated, and what lenders and buyers ask. It is free with a work email, along with the full tools and guides.
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Related
- Tool: Deal clearance navigator: NSI Act, CFIUS, EU screening and FCC
- Tool: Defence M&A terms from the filed agreements
- Guide: National security screening in defence M&A
- Checklist: Defence procurement contract review checklist
- Checklist: Defence target due diligence checklist
General information on public law and standard terms as at 28 Oct 2026, not legal advice on any contract or transaction. Quoted wording is checked against the official text linked to it.