Nvidia Corp. and

Arm Ltd. hit back at critics of their blockbuster chip deal, arguing that the U.K.-based acquisition target isnt as powerful as critics claim.

Opponents to the tie-up romanticize Arms past and if the British chipmaker had control over markets it would have sizable revenue growth and would be enormously profitable, according to documents published Monday from both firms. 

The pair also said that a decision to block the deal would not promote competition and could reduce British investment. It would likely result in less investment in the U.K., less resources for Arm, less innovation, and less competition worldwide, Nvidia and Arm said. 

Britains Competition and Markets Authority was instructed by Nadine Dorries, the U.K. secretary of state for digital, culture, media and sport, to carry out a review of the merger looking at competition as well as

national security concerns in November. 

The CMA will deliver a final report on May. 2, though an eight-week extension could be added. The deal could be blocked or cleared on both grounds, blocked on one ground, cleared on both grounds or approved subject to remedies.

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