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Linklaters

Navigating U.S. Foreign Investment

Direct and indirect investments in U.S. businesses and assets can be subject to a number of national security-based foreign investment controls. As part of Linklaters’ global foreign investment practice, we can assist dealmakers in assessing regulatory risks and navigating regulatory processes relating to the following U.S. authorities:

  • Committee on Foreign Investment in the United States (CFIUS). CFIUS, comprising representatives from several government agencies, is charged with identifying and addressing national security issues arising from a wide variety of foreign investments in U.S. businesses and other transactions involving U.S. real estate.
  • Defense Counterintelligence and Security Agency (DCSA). DCSA, part of the U.S. Department of Defense, is responsible for mitigating foreign ownership, control, or influence of U.S. businesses that hold facility security clearances, typically because they require access to classified information in connection with their work as contractors or subcontractors supporting sensitive U.S. government programs.
  • Directorate of Defense Trade Controls (DDTC). DDTC, an element of the U.S. State Department, regulates foreign ownership or control of manufacturers, service providers, exporters, and brokers whose activities are governed by the International Traffic in Arms Regulations — export controls governing military goods and services.
  • Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (Team Telecom). Team Telecom, a multi-agency body, conducts national security reviews of foreign applications for certain telecommunications licenses granted by the Federal Communications Commission.

Excepted Investor Tool

CFIUS gives preferential treatment to "excepted investors" from certain countries (currently Australia, Canada, New Zealand, and the UK). This tool helps prospective investors determine whether they meet CFIUS’s qualifications relating to ownership, governance, and behavior.

Explore the tool

U.S. foreign investment experience highlights

Acerinox S.A. (Spain) in its €532m acquisition of 100% of the shares in VDM Metals Holding GmbH from Falcon Metals B.V. and Lindsay Goldberg Vogel GmbH.

Aperam SA (Luxembourg) in its acquisition of ELG, a global leader in collecting, trading, processing and recycling of stainless-steel scrap and high-performance materials, from Franz Haniel & Cie. GmbH.

CJ Cheiljedang (South Korea) in its acquisition of a majority interest in Batavia Biosciences B.V.

Covestro AG (Germany) in its €1.6bn acquisition of the resins and functional materials business of Royal DSM.

Daimler AG (Germany) in its spinoff of its trucks and buses businesses to Daimler Truck Holding AG.

Dialog Semiconductor Plc (UK) in its €4.9bn acquisition by Renesas Electronics Corporation.

G4S plc (UK) in its £3.8bn acquisition by Allied Universal Topco LLC.

Jagex Ltd. (UK) in its its acquisition of Pipeworks Studios, a U.S.-based game development studio, from Sumo Group.

Kerry Logistics Network (Bermuda) in its HK$17.6bn sale of a 51.8% interest to an affiliate of S.F. Holding Co., Ltd.

Körber AG (Germany) in its €1.15bn acquisition of Siemens Logistics' global mail and parcel business.

Montagu Private Equity (UK) in its acquisition of Janes from IHS Markit for US$470m.

Ontario Teachers’ Pension Plan Board (Canada) in its participation in a joint US$650m investment in Advanced Clean Energy Storage Joint Venture, a large green hydrogen generation and storage platform.

Porsche Automobil Holding SE (Germany) in its sale of a majority interest in logistics and traffic management software company PTV Planung Transport Verkehr AG to Bridgepoint Advisers.

Schaeffler AG (Germany) in its acquisition of Ewellix AB, a producer of linear motion and actuation solutions.

Volkswagen AG (Germany) in the sale of its 76% interest in RENK AG to Triton.

Related practice areas


 

Recognition


 

CFIUS Expert Individual Ranking

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Chambers Global 2023-2024

 

Top Advisor

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Foreign Investment Watch 2020-2024

Global Leader in Foreign Investment Review

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Who's Who Legal 2022 

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