UK competition watchdog to probe Sumitomo's Macquarie helicopter deal

(Reuters) -Britain's competition regulator said on Tuesday that it has opened an investigation into the proposed acquisition of Macquarie Group's helicopter leasing division by a Sumitomo Corporation subsidiary.

SMFL LCI Helicopters, a helicopter‑leasing joint venture of Sumitomo Mitsui Finance and Leasing, said in March it would buy the Macquarie unit, which has a fleet of about 120 leased aircraft, in a deal valued at slightly over $1 billion, Nikkei reported. 

The Competition and Markets Authority (CMA) said it is assessing whether the deal could lead to a "substantial lessening of competition" in any UK market for goods or services.

Macquarie did not immediately respond to a request for comment, while Sumitomo could not be reached.

The CMA has set a deadline of December 3 for its phase 1 decision. 

(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Tasim Zahid)