The target is not the whole target.
The clean answer is not a market view. It is a register read. STS Defence Limited is the operating target. Companies House records its active PSC as Cicor UK Ltd, notified on 28 March 2025. Cicor UK resolves to Cicor Technologies Ltd in Switzerland. The procurement record then adds the second part: the Royal Navy Type 26 SATCOM award describes the technical route as STS plus SNXP, not STS alone.
14 pages · published 6 July 2026 · every figure traces to a named public record
What the public record shows.
https://find-and-update.company-information.service.gov.uk/company/03193298
https://find-and-update.company-information.service.gov.uk/company/03193298/persons-with-significant-control
https://find-and-update.company-information.service.gov.uk/company/11671253/persons-with-significant-control
https://www.find-tender.service.gov.uk/Notice/079452-2025
Each finding in the briefing traces to a named public record — a notice ID, a filing, a register entry — so you can check any line yourself. The full read, with sources, is in the PDF.
What the public record doesn't settle.
That is the diligence turn. The target cap table tells one story; the award and VEAT notices tell another. The public record does not certify the private contract, but it does tell the buyer what must be requested next: the STS/SNXP agreement, change-of-control consent, termination rights, substitution plan, accreditation evidence, IP/data rights, and continuity plan.
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