On 16 November 2021, UK CMA announced the digital secretary asked CMA to carry out further investigation into NVIDIA’s takeover of Arm in a phase 2 investigation.

• Ordered an in-depth investigation on the grounds of national security and competition.
• Follows phase one process investigating the merger potential competition implications.
• UK CMA's phase one report found the transaction raises possibility of an SLC across 4 key markets: data centres, internet of things, automotive sector, gaming applications.
• National security interest is still relevant and should be subject to further investigation.
• UK CMA also published the terms of reference and a letter to the transaction parties.
• CMA now has 24 weeks to conduct this investigation before delivering a final report to the Digital Secretary, and this deadline may be extended by up to eight weeks.