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March 15, 2005
WASHINGTON, D.C., March 15, 2005 - Covington & Burling advised IBM during its national security review by the Committee on Foreign Investment in the United States (CFIUS) in connection with the sale of its Personal Computing Division to Lenovo Group Limited, one of the leading IT companies in the People's Republic of China.
The transaction between IBM and Lenovo, announced in December 2004 and totaling approximately US$1.75 billion, will create the world's third-largest PC business. Approval by CFIUS marks the last review of this transaction required by the United States government. CFIUS completed its review well ahead of the 90-day statutory deadline for action on the transaction. More information on the transaction can be found in IBM's announcement of the CFIUS approval.
Covington has one of the nation's leading practices with respect to the Exon-Florio Amendment and the CFIUS national security review process. Among others, Covington has advised Global Crossing, British Telecom, Pacific Telecom, Vodafone and several Wall Street firms on Exon-Florio matters. A number of the firm's lawyers have served as agency representatives to CFIUS during their government service.
The Covington team was led from Washington, D.C. by Mark Plotkin and David Marchick.