Archives: CFIUS

Committee on Foreign Investment in the U.S.

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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

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

CFIUS Filing Update: TDK Corporation and InvenSense, Inc.

Status Update:  Review   Acquirer:  TDK Corporation (Japan) Acquired:  InvenSense, Inc. (U.S.) Value:  Approx. US$1.3 billion Industry:  Information Technology   UPDATE:  “InvenSense and TDK Corporation filed a joint voluntary notice with CFIUS on February 16, 2017. The notice has been accepted for review by CFIUS with the first day of the review period commencing on … Continue Reading

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

Status Update:  Investigation   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., a provider of solutions for the Internet of Things (“IoT”), announced that in connection with the proposed sale of its MiFi … 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

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

Status Update:  Investigation   Acquirer:  Sibanye Gold Ltd.   (South Africa) Acquired:  Stillwater Mining Co.   (US) Value:  Approx. US$2.2 Billion Industry:  Mining   UPDATE:  On March 3, 2017, Sibanye Gold Limited and Stillwater Mining Company reported that they “received written notification from the Committee on Foreign Investment in the United States (“CFIUS”) that it wishes to … 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

CFIUS Filing Clearance: Chinese Consortium and LEDvance

Status:  Clearance   Acquirer:  IDG Capital Partners, MLS Co, Ltd. and Yiwu State-Owned Assets Operation Center (China) Acquired:  LEDvance, business unit of Osram Licht AG (German) Value:  Approx. EUR400 million (US$442.2 million) Industry: Semiconductors   According to recent news reports, the Committee on Foreign Investment in the United States (CFIUS) has cleared the proposed acquisition, … Continue Reading

CFIUS Filing Clearance: Samsung Electronics Co. Ltd. and Harman International Industries, Inc.

Status Update:  Clearance   Acquirer:  Samsung Electronics Co. Ltd. (Korean) Acquired:  Harman International Industries, Inc. (U.S.) Value:  Approx. US$8 Billion Industry: Consumer Electronics; Information Technology   UPDATE:  On February 17, 2017, Harman International Industries reported that, in connection with its November 14, 2016 merger agreement with Samsung Electronics Co., Ltd., the parties “received clearance from … Continue Reading

Upcoming/New CFIUS Filing: Sonaca S.A. and LMI Aerospace

Status:  Upcoming/New Filing   Acquirer:  Sonaca S.A. (Belgium) Acquired:  LMI Aerospace, Inc. (US) Value:  US$14/Share (total value unknown) Industry:  Aerospace   On February 16, 2017, LMI Aerospace, Inc., a St. Louis based global supplier of structural assemblies, kits and components and provider of engineering services to the commercial, business and regional and military aerospace markets, … Continue Reading

CFIUS Filing Update: Infineon Technologies AG and Cree, Inc.

Status Update: Withdrawn   Acquirer:  Infineon Technologies AG (Germany) Acquired:  Cree, Inc. (US) Value:  US$850 million Industry:  Semiconductors   UPDATE:  On February 16, 2017, Cree Inc., announced that “it will terminate the definitive agreement to sell its Wolfspeed Power and RF division (“Wolfspeed”), which includes the silicon carbide substrate business for power, RF and gemstone applications, … Continue Reading

Upcoming/New CFIUS Filing: SoftBank Group Corp. and Fortress Investment Group

Status:  Upcoming/New Filing   Acquirer:  SoftBank Group Corp.(Japan) Acquired:  Fortress Investment Group (US) Value:  US$3.3 billion Industry:  Financial Services   On February 14, 2017, Fortress Investment Group LLC, a U.S. based investment firm with over US$70 billion in assets under management, announced that it has entered into a merger agreement with SoftBank Group Corp., a … Continue Reading

Upcoming/New CFIUS Filing: Safran SA and Zodiac Aerospace

Status:  Upcoming/New Filing   Acquirer:  Safran SA (France) Acquired:  Zodiac Aerospace SA (France) Value:  US$10.5 billion Industry:  Aerospace   On January 19, 2017, Safran SA, and Zodiac Aeospace SA, France’s two largest aeronautic suppliers, announced an agreed public cash offer by Safran for Zodiac shares, valued at approximately US$10.5 billion.   (See Safran and Zodiac Joint … Continue Reading

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

Status Update:  New Filing   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., a U.S. insurance company,  and China Oceanwide Holdings Group Co., Ltd., reported that they are “waiting for the CFIUS staff to initiate the review period” in … Continue Reading

CFIUS Filing Update: Zhongwang USA LLC/Liu Zhongtian and Aleris Corporation

Status Update:  Withdraw and Refile   Acquirer:  Zhongwang USA LLC (U.S.); Liu Zhongtian (China) Acquired:  Aleris Corporation (U.S.) Value:  Approx. US$2.3 billion Industry:  Steel   UPDATE:  Delaware based aluminum manufacturer, Aleris Corporation, has reported in a regulatory filing concerning its planned merger with Zhongwang USA LLC that “CFIUS has identified national security concerns with the Merger.”  … Continue Reading