Archives: CFIUS

Committee on Foreign Investment in the U.S.

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CFIUS Filing Clearance: Bohai Financial Investment Holding Co. and C.I.T. Leasing Corporation; C2 Aviation Capital, Inc.

Status:  Clearance   Acquirer:  Bohai Financial Investment Holding Co., Ltd. (China) Acquired:  C.I.T. Leasing Corporation (U.S.); C2 Aviation Capital, Inc. (U.S.) Value:  US$10.4 Billion Industry:  Aerospace   UPDATE:  On April 4, 2017, CIT Group Inc. “announced that it completed the sale of its commercial aircraft leasing business to Avolon Holdings Limited (Avolon), the international aircraft leasing … Continue Reading

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

Status Update: Withdraw and Refile (again)   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… Continue Reading

CFIUS Filing Update: AltaGas Ltd. and WGL Holdings, Inc.

Status:  New Filing   Acquirer:  AltaGas Ltd. (Canada) Acquired:  WGL Holdings, Inc.  (US) Value:  US$6.4 billion Industry:  Energy; Regulated Utilities   UPDATE:  AltaGas Ltd., a Canadian corporation and diversified energy infrastructure company, reported that it has submitted various regulatory filings, including a joint notification to CFIUS, on April 24, 2017, in relation to its proposed acquisition … Continue Reading

CFIUS Filing Update: China Oceanwide Holdings Group Co. Ltd. and Genworth Financial, Inc.

Status Update:  Withdraw and Refile   Acquirer:  China Oceanwide Holdings Group Co. Ltd (China) Acquired:  Genworth Financial Inc. (US) Value:  US$2.7 billion Industry:  Financial Services   UPDATE:  Genworth Financial, Inc., issued a press release on May 2, 2017, in which it reported an update to its pending CFIUS notification filing with China Oceanwide Holdings Group … Continue Reading

CFIUS Filing Clearance: Boral Limited and Headwaters Incorporated

Status:  Clearance   Acquirer:  Boral Limited (Australia) Acquired:  Headwaters Incorporated (US) Value:  US$2.6 billion Industry:  Construction Materials   UPDATE:  In relation to the November 20, 2016 Agreement and Plan of Merger between Headwaters, Inc., and Boral Limited, an Australian corporation, Headwaters disclosed in its recent quarterly regulatory filing that “the parties satisfied the CFIUS closing … Continue Reading

CFIUS Filing Update: MacDonald Dettwiler and Associates and DigitalGlobe

Status:   Review   Acquirer:  MacDonald Dettwiler and Associates Ltd. (Canada) Acquired:  DigitalGlobe, Inc. (U.S.) Value:  US$3.6 billion (C$4.7 billion) Industry: Telecommunications; Aerospace   UPDATE:  Relating to the February 24, 2017 Agreement and Plan of Merger whereby DigitalGlobe, Inc., a U.S. business and leading global provider of high-resolution Earth imagery, data and analysis, will become a … Continue Reading

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: 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 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
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