Archives: CFIUS

Committee on Foreign Investment in the U.S.

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CFIUS Filing Update: Sonaca S.A. and LMI Aerospace

Status:  Review   Acquirer:  Sonaca S.A. (Belgium) Acquired:  LMI Aerospace, Inc. (US) Value:  US$14/Share (total value unknown) Industry:  Aerospace   UPDATE:  In relation to the February 16, 2017 Agreement and Plan of Merger between LMI Aerospace, Inc., a Missouri corporation, and Sonaca S.A., a Belgian limited liability company, the parties have announced that:  “On March … Continue Reading

CFIUS Filing Clearance: TDK Corporation and InvenSense, Inc.

Status Update:  Clearance   Acquirer:  TDK Corporation (Japan) Acquired:  InvenSense, Inc. (U.S.) Value:  Approx. US$1.3 billion Industry:  Information Technology   UPDATE:  InvenSense, Inc., a leading provider of MEMS sensor platforms, issued a statement on April 18, 2017 that “all necessary regulatory clearances have been received for the acquisition by TDK Corporation of InvenSense, including from … Continue Reading

CFIUS Filing Clearance: Sibanye Gold Ltd. and Stillwater Mining Co.

Status Update:  Clearance   Acquirer:  Sibanye Gold Ltd.   (South Africa) Acquired:  Stillwater Mining Co.   (US) Value:  Approx. US$2.2 Billion Industry:  Mining   UPDATE:  According to a press release issued by Stillwater Mining Company, a Colorado based mining company, in relation to its proposed acquisition by Sibanye Gold Limited, a South Africa mining company, “it has … Continue Reading

Upcoming/New CFIUS Filing: Capgemini America, Inc. and Ciber, Inc.

Status:  Upcoming/New Filing   Acquirer:  Capgemini America, Inc. (France) Acquired:  Ciber, Inc. (U.S.) Value:  Approx. US$50 million Industry:  Information Technology On April 9, 2017, Ciber, Inc. and its subsidiaries, companies that provide a broad range of IT services and solutions, filed voluntary petitions seeking relief under Chapter 11 of the United States Bankruptcy Code.  (See … Continue Reading

Upcoming/New CFIUS Filing: Unic Capital Management, China Integrated Circuit Industry Investment Fund and Xcerra, Inc.

Status:  Upcoming/New Filing   Acquirer:  Unic Capital Management Co., Ltd. (China); China Integrated Circuit Industry Investment Fund Co. (China) Acquired:  Xcerra, Inc. (U.S.) Value:  Approx. US$580 million Industry:  Semiconductor On April 7, 2017, Xcerra Corporation, a Massachusetts corporation entered into an Agreement and Plan of Merger with Unic Capital Management Co., Ltd. (an affiliate of … Continue Reading

CFIUS Filing Update: T.C.L. Industries Limited/TCL Corporation and Inseego Corp./Novatel Wireless

Status Update:  Investigation/Mitigation   Acquirer:  T.C.L. Industries Holdings (H.K.) Limited (Hong Kong SAR, China); TCL Corporation (China) Acquired:  Inseego Corp. (U.S.); Novatel Wireless, Inc. (U.S.) Value:  US$50 million Industry:  Telecommunications   UPDATE:  Inseego Corp., announced on March 31, 2017, that in relation to the proposed acquisition of Novatel Wireless, including the Inseego’s MiFi branded hotspots and … Continue Reading

CFIUS Filing Clearance: NICE-Systems Ltd. and inContact, Inc.

Status: Clearance   Acquirer:  NICE-Systems Ltd. (Israel) Acquired: inContact, Inc. (U.S.) Value: Approx. US$940 million Industry:  Software   UPDATE:  NICE-Systems Ltd., a leading provider of both cloud and on-premise enterprise software solutions, announced the closing of its acquisition of inContact, Inc., a cloud contact center software provider, on November 14, 2016. (See NICE Press Release, NICE … Continue Reading

CFIUS Filing Update: Canyon Bridge Capital Partners, Inc. and Lattice Semiconductor Corp.

Status Update:  Withdraw and Refile   Acquirer:  Canyon Bridge Capital Partners, Inc. (U.S.) Acquired:  Lattice Semiconductor Corp. (US) Value:  Approximately US$1.3 Billion Industry:  Integrated Circuits; Semiconductors   UPDATE:  On Friday, March 24, 2017, Lattice Semiconductor Corporation announced, “Canyon Bridge Fund I, LP (“Canyon Bridge”) have jointly withdrawn and re-filed their joint voluntary notice to the … Continue Reading

Upcoming/New CFIUS Filing: China Energy Company Limited and Cowen Group, Inc.

Status:  Upcoming New/Filing   Acquirer:  China Energy Company Limited (China) Acquired:  Cowen Group, Inc. (U.S.) Value:  Investment of approx. US$100 million Industry:  Financial Services   On March 29, 2017, Cowen Group, Inc., a diversified financial services firm, and China Energy Company Limited (“CEFC China”), a private enterprise with energy and financial services as its core … Continue Reading

US Senate Introduces New CFIUS Legislation

On March 14, 2017, U.S. Senators Chuck Grassley (R-IA) and Debbie Stabenow (D-MI) introduced new legislation to “give top U.S. agriculture and food officials permanent representation on the Committee on Foreign Investment in the United States (CFIUS).”  (Senator Grassley Press Release, Grassley, Stabenow Introduce Bipartisan Legislation to Protect American Agricultural Interests in Foreign Acquisitions, Mar. … Continue Reading

Upcoming/New CFIUS Filing: Brookfield Asset Management and TerraForm Power

Status:  Upcoming Filing/New   Acquirer:  Brookfield Asset Management Inc. (Canada) Acquired:  TerraForm Power, Inc. (U.S.) Value:  Approximately US$1.7 billion implied total equity value Industry:  Energy   On March 6, 2017, TerraForm Power, Inc., a Delaware renewable energy company corporation, and Brookfield Asset Management Inc., a global Canadian based asset management firm, announced that Brookfield will … Continue Reading

CFIUS Filing Clearance: Algonquin Power & Utilities Corp. and Empire District Electric Company

Status Update:  Clearance   Acquirer:  Algonquin Power & Utilities Corp. (Canada) Acquired:  Empire District Electric Company (Missouri, U.S.) Value:  Approx. US$2.4 billion Industry:  Energy; Regulated Utilities   UPDATE:  In a recent securities filing by Algonquin Power & Utilities Corp. (Canada), it was reported that, in relation to its acquisition of Missouri based Empire District Electric … Continue Reading

CFIUS Filing Clearance: Tyco International plc and Johnson Controls, Inc.

Status Update:  Clearance   Acquirer:  Tyco International plc (Ireland) Acquired:  Johnson Controls, Inc. (U.S.) Value:  US$11.3 billion Industry: Security Solutions   UPDATE:  According to SEC filings, Johnson Controls, Inc. and Tyco International plc, completed their combination on September 2, 2016.  (See Johnson Controls International plc Ex-99.1 to Form 8-K, Feb. 23, 2017, SEC Filing.)  Following … Continue Reading

CFIUS Filing Clearance: Siemens Industry, Inc./Siemens AG and Mentor Graphics Corporation

Status Update:  Clearance   Acquirer:  Siemens Industry, Inc. (U.S.); Siemens AG (Germany) Acquired:  Mentor Graphics Corporation (U.S.) Value:  US$4.5 Billion Industry:  Integrated Circuits; Electronic Engineering   UPDATE:  On March 9, 2017, Mentor Graphics Corporation and Siemens Industry, Inc.,  “received written notice from the Committee on Foreign Investment in the United States (“CFIUS”) that CFIUS had … Continue Reading

CFIUS Filing Clearance: Avast Holding and AVG Technologies

Status Update: Clearance   Acquirer:  Avast Holding B.V. (The Netherlands) Acquired: AVG Technologies N.V. (The Netherlands) Value:  Approximately US$1.3 billion Industry: Software; Cybersecurity   UPDATE:  In relation to Avast Software B.V.’s July 29, 2016 Offer to Purchase the remaining outstanding ordinary shares of AVG Technologies N.V., the parties reported “submitted a voluntary pre-filing draft notice to … Continue Reading

More Power to the Committee on Foreign Investment in the United States (CFIUS)

The media has reported on various potential plans and ideas being discussed by lawmakers to further expand or improve the Committee on Foreign Investment in the United States’s (CFIUS) scope and authorities. To date, no legislation has been introduced in Congress, and only few details about what has been proposed is publicly known.  Based on … Continue Reading

CFIUS Filing Clearance: Beijing JianGuang Asset Management, Wise Road Capital and Nexperia Holdco Netherlands

Status:  Clearance   Acquirer:  Beijing JianGuang Asset Management Co., Ltd. (China); Wise Road Capital LTD (China based or affiliated – see text below) Aquired:  Nexperia Holdco Netherlands B.V. (Netherlands) Value:  US$2.75 Billion Industry:  Semiconductors On February 6, 2017 NXP Semiconductors N.V., a global semiconductor company based in the Netherlands, closed its US$2.75 billion divestment of … Continue Reading

Upcoming/New CFIUS Filing: ARRIS International plc, Brocade Communications Systems and Broadcom

Status:  Upcoming/New Filing   Acquirer:  ARRIS International plc (England and Wales) Acquired:  Brocade Communications Systems, Inc. (US); Broadcom Ltd. (Singapore) Value:  US$800 million Industry: Telecommunications; Network and Data Solutions; Semiconductors   On February 22, 2017,  Broadcom Limited, a Singapore company co-headquartered in San Jose, California, and ARRIS International plc, an IP, video and broadband technology incorporated … Continue Reading

Upcoming/New CFIUS Filing: Intelsat, SoftBank and WorldVu

Status:  Upcoming/New Filing   Acquirer:  Intelsat S.A. (Luxembourg);  SoftBank Group Corp. (Japan) Acquired:  WorldVu Satellites Limited (Jersey, Channel Islands) Value:  Approximately US$1.7 billion Industry: Telecommunications; Aerospace   On February 28, 2017, Intelsat S.A., a Luxembourg corporation and provider of critical communications infrastructure to customers in the network services, media and government sectors, and WorldVu Satellites … Continue Reading

Upcoming/New CFIUS Filing: AES Corp. / Alberta Investment Management Corp. and FTP Power

Status:  Upcoming/New Filing   Acquirer:  AES Corp. (U.S.) and Alberta Investment Management Corp. (Canada) Acquired:  FTP Power LLC (U.S.) Value:  US$853 Million Industry:  Energy   On February 24, 2017, AES Corporation, a Virginia based sustainable energy company, and Alberta Investment Management Corporation (“AIMCo”), a Canadian diversified institutional investment management firm, “have agreed to acquire FTP … Continue Reading

Upcoming/New CFIUS Filing: MacDonald Dettwiler and Associates and DigitalGlobe

Status:   Upcoming/New Filing   Acquirer:  MacDonald Dettwiler and Associates Ltd. (Canada) Acquired:  DigitalGlobe, Inc. (U.S.) Value:  US$3.6 billion (C$4.7 billion) Industry: Telecommunications; Aerospace   On February 24, 2017, DigitalGlobe, Inc., a Colorado based satellite imagery data and analysis company, and MacDonald, Dettwiler and Associates Ltd. (“MDA”), a communications and information company based in Canada, announced … Continue Reading

Upcoming/New CFIUS Filing: Affiliates of EQT Infrastructure and Lumos Networks Corp.

Status:  Upcoming/New Filing   Acquirer:  Affiliates of EQT Infrastructure (probably Sweden) Acquired:  Lumos Networks Corp. (US) Value:  US$950 million Industry:  Telecommunications   On February 20, 2017, Lumos Networks Corp., a leading fiber-based service provider in the Mid-Atlantic region, announced that it has entered into a definitive agreement to be acquired by an investment fund affiliated … Continue Reading

CFIUS Filing Update: Renesas Electronics Corp. and Intersil Corp.

Status Update:  Clearance   Acquirer:  Renesas Electronics Corp. (Japan) Acquired:  Intersil Corp. (U.S.) Value:  Approx. US$3.22 Billion Industry:  Semiconductors   UPDATE:  On February 21, 2017, Intersil Corporation issued a press release stating that, in relation to its pending acquisition by Renesas Electronics Corporation, the parties “received notification by the Committee on Foreign Investment in the … Continue Reading
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