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Covington has a preeminent practice representing parties before the Committee on Foreign Investment in the United States (CFIUS) and in matters requiring the mitigation of foreign ownership, control or influence (FOCI) over U.S. government contractors.
Our representations have included the leading transactions and most complex CFIUS reviews in the aerospace/defense, software/IT, telecommunications, energy, transportation, chemicals, infrastructure, and finance sectors. Several representations set the bar for U.S. government mitigation of national security threats in particular sectors.
Represented Lenovo in various matters, including acquisition of x86 server business from IBM for $2.1 billion.
Represented Mubadala Development Company and Advanced Technology Investment Company in joint venture with Advanced Micro Devices to form GLOBALFOUNDRIES, and represented GLOBALFOUNDRIES in its acquisition of IBM’s semiconductor manufacturing business.
Represented Nexen in its $15 billion acquisition by China National Offshore Oil Corporation Ltd.
Represented BAE Systems, Inc. in its acquisitions of Armor Holdings, MTC Technologies, Advanced Ceramics Research, Atlantic Marine, OASYS Technology, and Intelligence Service Business of L-1 Identity Solutions (among others).
Represented both Publicis and Sapient in securing approval from CFIUS for Publicis’ acquisition of Sapient for $3.7 billion.
Represented Rafael Advanced Defense Systems on various matters, including in its acquisition of the remaining membership interests in Cubic Advanced Technical Systems.
Represented Prysmian S.p.A. in its acquisition of Draka Holdings.
Represented the Microwave Materials Group and Emerson & Cuming Microwave Products in their sale to Laird Holdings.
Represented Temasek Holdings in various matters, including its investment in Merrill Lynch.
Represented Wanxiang America in separate transactions involving the acquisition of certain assets of A123 Systems, Inc., a lithium ion battery company, and the sale of the Energy Solutions Business of A123 Systems to NEC Corp.
Represented various additional parties before Team Telecom on matters not requiring CFIUS review, including LightSquared, BT, and Iridium Satellite.
Represented Nuclear Safety Associates in its acquisition by WS Atkins.
We represented both companies in SABIC’s acquisition of the GE Plastics business.
Represented Rolls-Royce in the acquisition of R.O.V. Technologies, Inc. by Rolls-Royce’s technical services subsidiary, R. Brooks Associates.
Represented Pioneer Natural Resources in the sale of leasehold interests in Wolfcamp Shale to Sinochem.
Represent Kohlberg Kravis & Roberts (KKR) on various matters involving potential foreign investor partners.
Represented Singtel in its $810 million acquisition of Trustwave Holdings, Inc.
Represented Statoil in its acquisition of Brigham Exploration.
Represented AudioCodes in its acquisitions of Netrake Corp and Nuera Communications.
Represented Check Point Software Technologies in the company’s acquisitions of NFR Security, Inc., the security appliance business of Nokia, Liquid Machines, Inc., and PointSec Mobile Technologies.
Secured CFIUS approval for Dassault Systèmes in its acquisition of Accelrys, whose customers included the U.S. Department of Defense and the leading U.S. nuclear laboratories, in a transaction valued at approximately $750 million.
Represented Deutsche Börse in its proposed $9.5 billion acquisition of the New York Stock Exchange. The transaction was subsequently terminated on EU antitrust grounds.
Represented Schneider Electric on the CFIUS review and approval of its $5.6 billion acquisition of Invensys plc.
Represented China National Offshore Oil Corporation Ltd. (CNOOC) in separate investments in the Eagle Ford and Niobrara shale properties held by Chesapeake Energy.
Represented Enstrom Helicopter in its acquisition by Chongqing Helicopter Investment Co., Ltd., a company owned by the Municipality of Chongqing, China.
Represented Global Crossing in its acquisition by Singapore Technologies Telemedia and earlier phase involving Hutchison Whampoa.
Represented Virgin Galactic in Aabar Investments PJSC’s investment in the company.
Represented Align Aerospace in its acquisition by a subsidiary of Aviation Industry Corporation of China (AVIC), the Chinese state-owned aerospace and defense company, in a transaction worth $220 million.
Represented IBM in the $1.75 billion sale of its personal computers division to Lenovo.
Represented the Carlyle Group and PAI Partners in the acquisition of the Custom Sensors & Technologies business from Schneider Electric.
Represented Northrop in the sale of its Viper Strike business to MBDA.
Represented British Telecommunications plc in its acquisitions of Infonet Services Corp., Comsat International, Counterpane, and Wire One Communications (among others).
Represented Pacific Telecom in the company’s acquisitions of Micronesian Telecommunications Corporation and IT&E Overseas, Inc.
Represented FastenTech in its sale to Doncasters Group, a subsidiary of Dubai International Capital.
Represented Forest City Ratner Companies in a joint venture with Shanghai Greenland Group to develop the Atlantic Yards site in Brooklyn, NY.
Represent Mubadala Development Company and its portfolio companies, such as the semiconductor company GLOBALFOUNDRIES, on CFIUS and related advice in connection with potential acquisitions in the United States, including the company’s investment in Advanced Micro Devices.
Advising Lenovo in securing approval from the Committee on Foreign Investment in the United States on its U.S. $2.3 billion acquisition of IBM's server business.
Represented Rafael Advanced Defense Systems in its acquisition of the remaining membership interests in Cubic Advanced Technical Systems.
Represented GLOBALFOUNDRIES in its acquisition of IBM’s semiconductor manufacturing business. The transaction was significant because IBM’s semiconductor business was the original member—and IBM remains the most significant participant— in the U.S. government’s Trusted Foundry Program.
Advised Wanxiang America’s purchase of substantially all of the non-government business assets of U.S. battery maker A123 Systems, Inc. On Jan. 28, 2013, CFIUS approved that transaction, valued at $256.6 million. Covington represented Wanxiang America in securing CFIUS approval. A123 makes lithium ion batteries for electric cars.
Represented Abu Dhabi National Energy Company (TAQA) in its acquisitions of a 50 percent interest in a wind farm from EDF and of a tolling arrangement in the electric power industry.
Represented Check Point Software Technologies in the company’s acquisitions of NFR Security, Inc., security appliance business of Nokia, Liquid Machines, Inc., and PointSec Mobile Technologies.
Represented the Carlyle Group in various matters, including sale of Landmark and Standard Aero to Dubai Aerospace International, and proposed sale of John Maneely Company to OSJC Novolipetsk Steel.
Represented Hong Kong Aircraft and Engineering Co. (HAECO) in its acquisition of TIMCO Aviation.
Represented the Carlyle Group in various matters, including the sale of Landmark and Standard Aero to Dubai Aerospace International.
Represented China Investment Corporation in its $1.6 billion investment in AES Corp.
Represented Elbit Systems in acquisitions of Tadiran Communications (including Talla-Com and Tallahassee Technologies), Innovative Concepts, and M7 Aerospace (among others).
Represented Entrust in front of CFIUS and on national industrial security regulatory matters in connection with its sale to DataCard Corp.
Representation of American Express in the divestiture of its global travel business to form a joint venture with Certares LP, which was the largest foreign investment ever in a travel management company and included Middle Eastern government-owned investors.
Represented AOL in the sale of its ICQ instant messaging business to Mail.ru Group Limited.
March 9, 2017, CBS News
Mark Plotkin is quoted in a CBS News article regarding Rosneft’s potential right to claim an ownership stake in U.S. oil company Citgo Petroleum. Commenting on the CFIUS process and whether committee members with potential conflicts have recused themselves, Plotkin says, “We don’t know because of the nature of the CFIUS process, which is confidential.”
February 28, 2017
WASHINGTON—Covington represented semiconductor manufacturer Intersil Corporation in its $3.2 billion sale to Japan’s Renesas Electronics Corporation. The firm advised Intersil on aspects of the transaction involving Committee on Foreign Investment in the United States (CFIUS), Foreign Ownership, Control, or Influence (FOCI), trade controls, and government ...
February 23, 2017, China Daily
China Daily highlights Covington’s client alert, CFIUS and Foreign Direct Investment Under President Donald Trump, in an article regarding efforts by lawmakers to strengthen the government’s scrutiny of Chinese investment in the U.S. According to the CFIUS Practice Group alert, "while the legislative landscape in the new Congress is still being defined, there is ...
February 21, 2017, The Wall Street Journal
The Wall Street Journal highlights Covington’s client alert, CFIUS and Foreign Direct Investment Under President Donald Trump, in an article regarding efforts by lawmakers to strengthen the government’s scrutiny of Chinese investment in the U.S. According to the CFIUS Practice Group alert, there is "a greater chance now than at any time in the last decade of ...
January 11, 2017, Covington Alert
Late last week, a group of technology industry leaders, researchers, and former policymakers comprising the President’s Council on Science and Technology (“PCAST”) issued a report entitled Ensuring Long-Term U.S. Leadership in Semiconductors. The report concludes that China is seeking to reshape the global semiconductor industry in a manner that threatens U.S. ...
December 19, 2016, Law360
December 14, 2016, Covington Alert
Those who track investment policy issues will have noticed an important theme emerging in recent years of Western economies evaluating their foreign investment regimes, in particular in light of the outflow from China into technology, infrastructure and natural resource assets. The UK is now considering, and is expected to adopt, a new foreign investment regime ...
December 5, 2016, Covington Alert
Acting on the recommendation of the Committee on Foreign Investment in the United States (“CFIUS”), President Barack Obama issued an Executive Order on Friday, December 2, prohibiting the acquisition of the U.S. business of Aixtron SE (“Aixtron”) by a company ultimately owned by investors in China. This is the first time that a President formally has utilized ...
November 23, 2016, Covington Alert
On January 20, 2017, presidential power will transfer from Democratic President Barack Obama to Republican President-elect Donald Trump. Presidential transitions typically increase uncertainty for parties undertaking mergers and acquisitions in the United States, particularly transactions subject to review by the Committee on Foreign Investment in the United ...
November 22, 2016, CFR Backgrounders
David Fagan is quoted in a CFR Backgrounders article regarding foreign investments and U.S. national security. Commenting on the CFIUS review process, Fagan says, “It’s like a full physical, performed by a battery of doctors that run every conceivable test.”
August 23, 2016, The Wall Street Journal
Mark Plotkin is quoted in a Wall Street Journal article following CFIUS approval of ChemChina’s planned purchase of Syngenta. According to Plotkin, “Chinese investments in the United States often attract close scrutiny not only from CFIUS but also from the media, the Congress and industry competitors, all of whom have different agendas.”
August 22, 2016, Market Talk
Mark Plotkin is quoted by Market Talk commenting on the CFIUS process following approval of the ChemChina-Syngenta deal. According to Plotkin, “At both the staff and political levels, CFIUS has been careful to separate simple China-bashing and economic self-interest from true national security considerations.” He continues, “There are many designated fora for ...
April 13, 2016, China Daily
David Fagan is quoted in a China Daily article regarding Chinese direct foreign investment in the United States. According to Fagan, the economies of China and the United States are truly intertwined. "In turn, the economic relationship that can be forged through investment is not just something that is economically beneficial. The relationships that can develop ...
March 28, 2016
WASHINGTON, DC - The American Lawyer has named Covington partners Mark Plotkin and David Fagan as “Dealmakers of the Year.” The annual feature showcases “the lawyers behind the most significant work” in dealmaking.
In its profile of Mr. Plotkin and Mr. Fagan in the magazine’s April 2016 issue, The American Lawyer praises the pair’s strategy that steered ...
February 25, 2016, Reuters
Mark Plotkin is quoted in this Reuters article discussing the CFIUS approval process of Chinese acquisitions and investments. According to Plotkin, advisors will often seek to gauge their chances for CFIUS approval before the deal is announced to avoid the embarrassment and cost of announcing a deal that is later halted. He adds, “The CFIUS process is going to ...
February 25, 2016, Law360
February 22, 2016, Covington Alert
November 25, 2015
WASHINGTON, DC, November 25, 2015 - Law360 has named four Covington partners as MVPs in their respective practice areas. The awards single out lawyers from across 31 practice areas based on their success in high-stakes litigation, record-breaking deals, and complex global matters.
The Covington lawyers recognized as Law360 MVPs are:
Ray Biagini, ...
October 13, 2015, Main Justice
David Fagan is quoted in this Main Justice article on the tentative settlement in litigation between Ralls Corp. and the CFIUS. Fagan calls it a “perfect storm for litigation” but also one that “falls outside the normal margins of most CFIUS cases.” He states that, “The Ralls case should not be viewed as emblematic for investors.”
March 3, 2015, Covington E-Alert
November 11, 2014, Covington E-Alert
August 22, 2014
WASHINGTON, DC, August 22, 2014 — The Committee on Foreign Investment in the United States (CFIUS) has cleared Lenovo Group’s bid to acquire International Business Machines’ x86-based server business in a $2.3 billion acquisition. Covington & Burling represented Lenovo in securing CFIUS approval. David Fagan, Mark Plotkin, Stuart Eizenstat and Jonathan Wakely ...
July 18, 2014, Covington E-Alert
April 2, 2014
SAN FRANCISCO, April 2, 2014 — Global Investigations Review magazine has named Covington & Burling partners Tammy Albarrán and Eric Carlson to its inaugural list of 40 leading investigations lawyers under the age of 40. The list recognizes the “next generation that will lead the global investigations bar.” Ms. Albarrán, 39, is based in Covington’s San Francisco ...
January 24, 2014, Covington Advisory
December 20, 2013, Covington E-Alert
October 25, 2013, Covington Advisory
October 2013, U.S. Chamber of Commerce
WASHINGTON, DC, September 27, 2013 — Marisa Lago, assistant secretary for international markets and development at the U.S. Treasury Department, addressed a symposium held at Covington & Burling earlier in September about trends in Chinese foreign direct investment in America. The symposium, co-hosted with the China General Chamber of Commerce, examined the ...
March 27, 2013
WASHINGTON, DC, March 27, 2013 — For the second straight year, Covington & Burling has been nominated for the 2013 Chambers USA Awards for Excellence in five national practice areas. Chambers released its “shortlist” of the law firms nominated based on their pre-eminence and recent achievements in 21 distinct practice areas.
Covington is a finalist in each of ...
WASHINGTON, DC, February 13, 2013 — The Committee on Foreign Investment in the United States (CFIUS) on Tuesday approved CNOOC Ltd.’s bid to acquire the U.S. assets of Canadian energy company Nexen Inc. It was the final regulatory hurdle in the $15.1 billion acquisition, the largest overseas investment ever by a Chinese company. Covington & Burling represented ...
December 27, 2012, Covington E-Alert
November 1, 2012
WASHINGTON, DC, November 1, 2012 — Covington & Burling opens its Seoul office today after securing final approval from the Korean Ministry of Justice and the Korean Bar Association.
The new office will be located in the Meritz Tower, at 825-2, Yeoksamdong in the heart of Seoul’s Gangnam business district.
“We are honored to be among the first U.S. law firms to ...
October 1, 2012, Covington E-Alert
June 15, 2012
WASHINGTON, DC, June 15, 2012 — In testimony before the U.S.-China Economic and Security Review Commission on Thursday, June 14, Covington & Burling partner David Fagan identified key issues slowing investment by China in the U.S. Mr. Fagan also addressed the nation’s evolving trade and investment relationship with China, focusing on bilateral investment issues ...
April 20, 2012, Covington E-Alert
March 19, 2012
LONDON, 19 March, 2012 — Covington & Burling LLP received 46 individual mentions and 20 practice mentions in the Chambers Global 2012 edition. The guidebook, which ranks lawyers globally by pan-regional and country practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
The Covington lawyers ...
March 12, 2012
WASHINGTON, DC, March 12, 2012 — Covington & Burling LLP has applied to open a new office in Seoul and tapped William H.Y. Park, a veteran corporate lawyer based in Korea, to help oversee the expansion.
Mr. Park will work closely with former Ambassador to the United Nations Daniel Spiegel, senior of counsel at Covington, who will be the Foreign Legal Consultant ...
December 13, 2011, Covington E-Alert
August 31, 2011, Covington E-Alert
WASHINGTON, DC, June 10, 2011 — In presenting Covington & Burling LLP with the Chambers USA Award for Excellence in International Trade on June 9th, Chambers noted how the firm’s “comprehensive team covers the complete spectrum of international trade matters and clients benefit from the close-knit and interdisciplinary approach of the department's various ...
June 10, 2011
WASHINGTON, DC, June 10, 2011 — Covington & Burling LLP received 123 individual mentions and 45 practice mentions in Chambers USA 2011. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington lawyers and practices ...
March 10, 2011, Covington E-Alert
December 13, 2010, Covington Advisory
June 16, 2010
WASHINGTON, DC, June 16, 2010 — Covington & Burling LLP received 112 individual mentions and 44 practice mentions in Chambers USA 2010. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington lawyers and practices ...
June 7, 2010, Columbia FDI Perspective
May 13, 2010
WASHINGTON, DC, May 13, 2010 — Montreal-based CGI Group Inc. has announced an agreement to acquire Stanley Inc., headquartered in Arlington, Virginia, in a transaction valued at $1.07 billion. Covington & Burling LLP is advising Stanley on the national security and export control aspects of the transaction.
Stanley is a provider of information technology ...
WASHINGTON, DC, November 23, 2009 — Twenty-five Covington & Burling LLP attorneys are recognized as “Top Lawyers” in the December issue of Washingtonian magazine. The list, compiled by the magazine’s editorial staff, identifies leading lawyers in the Washington area.
Of the “Top Lawyers,” Washingtonian identified 30 as “stars of the bar.” Among them is Michael ...
October 2009, Covington Report
September 2009, India Business Law Journal
June 12, 2009
WASHINGTON, DC, June 12, 2009 — Covington & Burling LLP received 100 individual mentions and 40 practice mentions in Chambers USA 2009. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington lawyers and practices ...
May 2009, Deloitte
January/February 2009, America in Russia
January 29, 2009, Legal Week
January 14, 2009, Shanghai Daily
January 7, 2009, Vale Columbia Center
NEW YORK, NY, December 2, 2008 — Roche and Memory Pharmaceuticals have announced a definitive merger agreement for Roche to acquire all the outstanding shares of Memory Pharmaceuticals. Covington & Burling LLP advised Memory Pharmaceuticals on the deal, valued at approximately $50 million.
Roche, headquartered in Switzerland, is one of the world’s leading ...
December 2, 2008, Covington E-Alert
November 16, 2008, Covington Advisory
WASHINGTON, DC, August 21, 2008 — Borealis Infrastructure Management and GIC Special Investments announced on August 13 an agreement to invest approximately $1.254 billion in Dallas-based Oncor Electric Delivery Company LLC. Covington & Burling LLP advised Energy Future Holdings Corp. (EFH), the parent company of Oncor, on the Committee on Foreign Investment in ...
WASHINGTON, DC, August 7, 2008 — On August 5, Intercell AG completed its acquisition of Iomai Corporation (now known as Intercell USA, Inc.) in a deal that will create a leading traveler’s vaccine portfolio. Covington & Burling LLP advised Intercell on the transaction.
Intercell is a growing biotechnology company which focuses on the design and development of ...
June 16, 2008
WASHINGTON, DC, June 16, 2008 — Covington & Burling LLP received 81 individual mentions and 45 practice mentions in the newly released 2008 Chambers USA. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington ...
August 20, 2007, The Lawyer
June 29, 2007, Covington E-Alert
January 17, 2007
NEW YORK, NY, January 17, 2007 — Evraz Group S.A. announced that it successfully completed its tender offer for Oregon Steel Mills, Inc. (NYSE: OS) common stock for $63.25 per share, with approximately 91.5% of the outstanding shares of common stock of Oregon Steel Mills tendered into the offer. The tender offer was the first step of the previously announced ...
July 2006, The Bernard and Irene Schwartz Series on American Competitiveness, Council on Foreign Relations
July 12, 2006
July 11, 2006
June 14, 2006
May 26, 2006
1/24/06, Testimony of Stuart Eizenstat Before the House Committee on Homeland Security
February 1, 2006, in Monograph on the Committee on Foreign Investment in the United States (Critical Infrastructure Protection Program, George Mason University School of Law)
October 3, 2005
WASHINGTON, D.C., October 3, 2005 - Covington & Burling announced the election of ten new partners, effective October 1. Stuart Stock, chair of the firm's management committee, commented: "These exceptional lawyers reflect the strength, excellence and diversity of the firm, and the continuing growth of our practices across the firm." Covington's newest partners ...
9/29/2005, Covington E-Alert
June 2005, China Law & Practice
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 ...
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