CNBC reports:

The U.K. government has intervened in Nvidia’s proposed $40 billion takeover of chip designer Arm on national security grounds.

Britain’s Digital Secretary Oliver Dowden issued a Public Interest Intervention Notice (PIIN) on Monday. It’s not clear what the national security grounds are but the Department for Digital, Culture, Media and Sport said Dowden “considered advice received from officials across the investment security community.”

Dowden said he has written to the U.K. competition watchdog and asked them to start a “phase one” investigation into the transaction, which was announced in September.

The Competition and Markets Authority has been instructed to compile a report for Dowden on the competition and national security aspects of the deal before July 30. Dowden could then approve the deal, permit it on certain conditions, or ask for a more detailed inquiry…

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