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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.
Micro Focus’ $8.8 Billion Acquisition of Hewlett Packard Enterprise’s Software Business
Represented Micro Focus in securing CFIUS and other national security approvals for its $8.8 billion acquisition of the software business of Hewlett Packard Enterprise.
Midea’s $5 Billion Public Offer Takeover of KUKA Systems
Represented Midea Group on CFIUS and related U.S. national security approvals in its $5 billion public offer takeover of Kuka Systems.
China Oceanwide’s Acquisition of International Data Group, Inc.
Represented China Oceanwide before CFIUS in its acquisition of International Data Group, Inc.
Genworth Financial’s $2.7 billion acquisition by China Oceanwide
Represented Genworth Financial in securing the CFIUS approval of its pending $2.7 billion acquisition by China Oceanwide.
Sale of Takata asssets to Ningbo Joyson Key Safety Systems
Represented Takata before CFIUS in the acquisition of its assets out of bankruptcy by Ningbo Joyson Key Safety Systems in a transaction valued at $1.6 billion.
Schneider Electric SA’s combination with AVEVA Group PLC
Represented Schneider Electric of France on CFIUS and related U.S. national security regulatory approvals in connection with the sale of its industrial software business to UK-based AVEVA Group and the acquisition by Schneider Electric of a majority interest in AVEVA Group in a transaction valued at approximately $3.88 billion.
Aabar's investment in Virgin Galactic
Represented Virgin Galactic in Aabar Investments PJSC’s investment in the company.
$5.6 billion acquisition of Invensys plc
Represented Schneider Electric on the CFIUS review and approval of its $5.6 billion acquisition of Invensys plc.
$2.1 billion acquisition of IBM server business by Lenovo
Represented Lenovo in various matters, including acquisition of x86 server business from IBM for $2.1 billion.
$3.7 billion acquisition of Sapient by Publicis Groupe
Represented both Publicis and Sapient in securing approval from CFIUS for Publicis’ acquisition of Sapient for $3.7 billion.
Acquisitions by British Telecommunications
Represented British Telecommunications plc in its acquisitions of Infonet Services Corp., Comsat International, Counterpane, and Wire One Communications (among others).
BAE Systems acquisitions
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).
China Investment Corporation’s investment in AES Corp.
Represented China Investment Corporation in its $1.6 billion investment in AES Corp.
Check Point Software Technologies acquisitions
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.
Acquisitions by Pacific Telecom
Represented Pacific Telecom in the company’s acquisitions of Micronesian Telecommunications Corporation and IT&E Overseas, Inc.
AOL Sale of ICQ Instant Messaging Business
Represented AOL in the sale of its ICQ instant messaging business to Mail.ru Group Limited.
American Express’s divestiture of its global travel business
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.
CFIUS counsel to AudioCodes in various acquisitions
Represented AudioCodes in its acquisitions of Netrake Corp and Nuera Communications.
Acquisition of Viper Strike business
Represented Northrop in the sale of its Viper Strike business to MBDA.
Acquisition of IBM's semiconductor manufacturing business
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.
Acquisition of Cubic Advanced Technical Systems
Represented Rafael Advanced Defense Systems in its acquisition of the remaining membership interests in Cubic Advanced Technical Systems.
Acquisition of A123 Systems by Wanxiang America
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.
Abu Dhabi National Energy Company's energy investments
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.
Outbound Investment
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.
Mubadala Development Company investments
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.
CenturyLink’s $2.2 Billion Sale of its Savvis Data Center Business
Represented CenturyLink in securing the CFIUS approval for the $2.2 billion sale of its Savvis data center business to a consortium led by BC Partners.
WS Atkins’ acquisition of Nuclear Safety Associates
Represented Nuclear Safety Associates in its acquisition by WS Atkins.
Wanxiang America acquisition of A123 Systems and related matters
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.
Various Team Telecom matters
Represented various additional parties before Team Telecom on matters not requiring CFIUS review, including LightSquared, BT, and Iridium Satellite.
ASML’s Acquisition of Hermes Microvision Inc. in a $3.1 Billion Deal
Represented ASML in securing the CFIUS approval of its $3.1 billion acquisition of Hermes Microvision, a Taiwanese company with U.S. research and sales.
HAECO's Acquisition of TIMCO Aviation
Represented Hong Kong Aircraft and Engineering Co. (HAECO) as regulatory counsel in its $388.8 million acquisition of TIMCO Aviation, a global provider of aviation maintenance, repair, and overhaul services. We handled CFIUS and government contracts matters for HAECO.
DataCard’s $500 million acquisition of Entrust
Represented Entrust in front of CFIUS and on national industrial security regulatory matters in connection with its sale to DataCard Corp.
DAE acquisition of Landmark and Standard Aero
Represented the Carlyle Group in various matters, including the sale of Landmark and Standard Aero to Dubai Aerospace International.
Elbit Systems Acquisitions
Represented Elbit Systems in its acquisitions of Tadiran Communications (including Talla-Com and Tallahassee Technologies), Innovative Concepts, Universal Avionics, and M7 Aerospace (among others).
Laird’s acquisition of Microwave Materials Group and Emerson & Cuming Microwave Products
Represented the Microwave Materials Group and Emerson & Cuming Microwave Products in their sale to Laird Holdings.
Leading semiconductor transactions
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.
Acquisition of Schneider Electric’s Custom Sensors & Technologies business
Represented the Carlyle Group and PAI Partners in the acquisition of the Custom Sensors & Technologies business from Schneider Electric.
Acquisition of Global Crossing
Represented Global Crossing in its acquisition by Singapore Technologies Telemedia and earlier phase involving Hutchison Whampoa.
Acquisition of Enstrom Helicopter
Represented Enstrom Helicopter in its acquisition by Chongqing Helicopter Investment Co., Ltd., a company owned by the Municipality of Chongqing, China.
$3.2 Billion Acquisition of Intersil Corporation
Represented Intersil Corporation in its $3.2 billion sale to Japan’s Renesas Electronics Corporation.
Altice Acquisitions
Represented Altice before CFIUS in its acquisitions of Suddenlink Communications and Cablevision.
Sophos Group’s $120 million Acquisition of Invincea
Represented Sophos Group before CFIUS in its $120 million acquisition of Invincea.
Forest City Ratner Companies’ joint venture with Shanghai Greenland Group
Represented Forest City Ratner Companies in a joint venture with Shanghai Greenland Group to develop the Atlantic Yards site in Brooklyn, NY.
FastenTech’s sale to Doncasters Group
Represented FastenTech in its sale to Doncasters Group, a subsidiary of Dubai International Capital.
$2.7 Billion Acquisition of the Safran Identity & Security Business
Represented the private equity firm Advent International and its portfolio company Oberthur Technologies in securing the CFIUS and U.S. national industrial security approvals for Advent’s acquisition of the Identity & Security business (d/b/a “Morpho”) from Safran, for the purpose of combining it with Oberthur.
Sale of Wolfcamp Shale leasehold to Sinochem
Represented Pioneer Natural Resources in the sale of leasehold interests in Wolfcamp Shale to Sinochem.
Statoil’s acquisition of Brigham Exploration
Represented Statoil in its acquisition of Brigham Exploration.
Singapore Telecommunications Limited’s acquisition of Trustwave Holdings, Inc.
Represented Singtel in its $810 million acquisition of Trustwave Holdings, Inc.
Rafael Advanced Defense Systems’ matters
Represented Rafael Advanced Defense Systems on various matters, including in its acquisition of the remaining membership interests in Cubic Advanced Technical Systems.
Prysmian S.p.A.’s acquisition of Draka Holdings
Represented Prysmian S.p.A. in its acquisition of Draka Holdings.
SABIC’s acquisition of GE Plastics business
We represented both companies in SABIC’s acquisition of the GE Plastics business.
Rolls-Royce acquisition of R.O.V. Technologies, Inc.
Represented Rolls-Royce in the acquisition of R.O.V. Technologies, Inc. by Rolls-Royce’s technical services subsidiary, R. Brooks Associates.
Representation of KKR on various investments
Represent Kohlberg Kravis & Roberts (KKR) on various matters involving potential foreign investor partners.
Temasek Holdings acquisitions
Represented Temasek Holdings in various matters, including its investment in Merrill Lynch.
Sale of CIT Group’s Commercial Aircraft Leasing Business
Represented CIT Group before CFIUS in the sale of its commercial aircraft leasing business to Avolon Holdings, a firm owned by the Chinese conglomerate HNA Group.
$2.7 Billion Sale of NXP Semiconductors’ Standard Products Business
Represented NXP Semiconductors before CFIUS in the $2.7 billion sale of its Standard Products Business to Beijing Jianguang Asset Management Co and Wise Road capital.
$9.5 billion proposed acquisition of the New York Stock Exchange
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.
$3 billion CNOOC investment in Chesapeake Energy
Represented China National Offshore Oil Corporation Ltd. (CNOOC) in separate investments in the Eagle Ford and Niobrara shale properties held by Chesapeake Energy.
$220 Million Acquisition of Align Aerospace
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.
$15 billion acquisition of Nexen by CNOOC
Represented Nexen in its $15 billion acquisition by China National Offshore Oil Corporation Ltd.
$1.75 billion divestiture of IBM’s personal computers division
Represented IBM in the $1.75 billion sale of its personal computers division to Lenovo.
$750 million Dassault Systèmes acquisition of Accelrys
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.
CFIUS counsel to Check Point Software Technologies
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.
Carlyle Group Acquisitions
Represented the Carlyle Group in various matters, including its acquisition of Veritas Technologies (with a co-investment by Government of Singapore Investment Corporation) and the sale of Landmark and Standard Aero to Dubai Aerospace International.
Leading National Security Lawyer Rejoins Covington
September 4, 2018
WASHINGTON—Trisha B. Anderson, an experienced national security and cybersecurity lawyer who has held senior positions at multiple federal agencies, has rejoined Covington as a partner in Washington. Ms. Anderson most recently served as Principal Deputy General Counsel of the Federal Bureau of Investigation, where she handled complex national security and cyber ...
August 13, 2018, Covington Alert
Earlier today, President Donald Trump signed into law the Foreign Investment Risk Review Modernization Act (FIRRMA) as part of the John S. McCain National Defense Authorization Act. As we have previously reported, FIRRMA will transform the jurisdiction, authority, and operation of the Committee on Foreign Investment in the United States (CFIUS).
July 25, 2018, Covington Alert
For over a year, we have reported to our clients as the U.S. government considered and developed legislation that would fundamentally reform the operations of the Committee on Foreign Investment in the United States (CFIUS).
Update on CFIUS and Foreign Investment Regulation President Affirms Support for FIRRMA and CFIUS
June 27, 2018, Covington Alert
We write to report on two important developments regarding the Foreign Investment Risk Review Modernization Act (FIRRMA), a bi-partisan effort to reform the Committee on Foreign Investment in the United States (CFIUS), and the broader policy debate within the U.S. government on regulatory mechanisms to address foreign investment, particularly from China.
June 13, 2018
WASHINGTON—On June 9, 2018, Genworth Financial, Inc. ("Genworth") announced that the Committee on Foreign Investment in the United States ("CFIUS") had cleared its $2.7 billion acquisition by China Oceanwide. Covington represented Genworth in securing CFIUS approval, which is the largest China-related transaction approved in the Trump Administration. Reuters ...
What Attys Need To Know About The Evolving CFIUS Bill
May 23, 2018, Law360
David Fagan is quoted in a Law360 article regarding potential changes to a draft bill that could alter the CFIUS process. According to Fagan, the first draft of the Foreign Investment Risk Review Modernization Act (FIRRMA) also ensnared outbound transfers of technology even in situations that do not involve an acquisition of a U.S. company, like what may happen ...
May 23, 2018, Covington Alert
On Tuesday, May 22, 2018, the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services each held a markup of the Foreign Investment Risk Review Modernization Act (“FIRRMA”), a bill introduced by Senator John Cornyn (R-TX) in the Senate and Congressman Robert Pittenger (R-NC) in the House to reform CFIUS. A number of ...
May 16, 2018, Covington Alert
We are writing to report on the current status of the Foreign Investment Risk Review Modernization Act (“FIRRMA”), legislation to reform the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”). FIRRMA, a bill introduced by Senator John Cornyn (R-TX) in the Senate and Congressman Robert Pittenger (R-NC) in the House, seeks to ...
May 8, 2018, Covington Alert
It has been publicly reported that the Trump Administration is considering invoking the International Emergency Economic Powers Act (IEEPA) to further regulate—and in certain areas potentially preclude—Chinese direct investment in the United States, beyond the authorities exercised by the Committee on Foreign Investment in the United States (CFIUS).
May 1, 2018
WASHINGTON—Covington advised Elbit Systems Ltd. in its $120 million acquisition of the assets and operations of the privately owned U.S. company, Universal Avionics Systems. Elbit Systems is an international high technology company engaged in a wide range of defense, homeland security, and commercial programs throughout the world. Universal Avionics is a ...
April 30, 2018, Covington Alert
We are writing to report on the latest Congressional hearing related to reform of the Committee on Foreign Investment in the United States (“CFIUS”).
April 17, 2018, Covington Alert
We are writing to report on the latest Congressional hearing related to reform of the Committee on Foreign Investment in the United States (“CFIUS”).
March 16, 2018, Covington Alert
We are writing to report on the latest Congressional hearings related to reform of the Committee on Foreign Investment in the United States (“CFIUS”) and potential efforts to enhance and reform the U.S. export control regime.
March 15, 2018
WASHINGTON—Covington secured a U.S. Presidential order compelling Broadcom Limited to “immediately and permanently abandon” its proposed hostile takeover of its client Qualcomm, Inc. The order was based on findings by the Committee on Foreign Investment in the United States (CFIUS) that Broadcom's takeover "threatens to impair the national security of the United ...
January 26, 2018, Covington Alert
We are writing to report on the latest significant developments in the effort to reform the Committee on Foreign Investment in the United States (“CFIUS”).
January 22, 2018, Covington Alert
On January 18, 2018, the Senate Committee on Banking, Housing, and Urban Affairs (“the Committee”) held a hearing to consider the Foreign Investment Risk Review Management Act (FIRRMA), a bill introduced by Senator John Cornyn (R-TX) in the Senate and Congressman Robert Pittenger (R-NC) in the House to reform the Committee on Foreign Investment in the United ...
January 19, 2018, Law360
Covington was named a 2017 International Trade Group of the Year by Law360. According to Peter Lichtenbaum, the Bombardier trade remedies case, which "presents very significant economic, legal, and political issues," was one of the group's biggest from the past year. "The company remains confident that the ITC will conclude that Boeing will not be harmed by the ...
January 18, 2018, National Security Law Today
David Fagan appeared on National Security Law Today to discuss "CFIUS 101: Foreign Control and U.S. Oversight."
Leading CFIUS Risk Analyst Joins Covington
January 17, 2018
WASHINGTON—Brian Williams has joined Covington as a Senior Advisor in the firm’s Cross-Border Investment and National Security practice. Mr. Williams draws on over 20 years of public and private sector experience advising on issues at the intersection of national security, technology, and law. A non-lawyer, he led multi-agency analyst teams that authored the ...
January 11, 2018, Covington Alert
We are writing to share our report of two Congressional hearings held this week that are relevant to the ongoing legislative discussion concerning potential reform of the Committee on Foreign Investment in the United States (CFIUS).
Four Covington Partners Named Law360 MVPs
December 20, 2017
WASHINGTON—Law360 has named four Covington partners as MVPs in their respective practice areas. The awards single out lawyers from across numerous practice areas based on their success in high-stakes litigation, complex global matters, and record-breaking deals. The Covington lawyers recognized as Law360 MVPs are: Ray Biagini, Government Contracts. Mr. ...
December 15, 2017, Covington Alert
We write to offer our perspective on two developments relevant to the Committee on Foreign Investment in the United States (“CFIUS”).
MVP: Covington's Mark Plotkin
December 14, 2017, Law360
Mark Plotkin was named a 2017 International Trade MVP by Law360. The publication highlights his CFIUS-related work, noting that he secured "U.S. government approval for a litany of billion-dollar overseas transactions with sensitive security implications" over the past year.
November 8, 2017, Covington Alert
Earlier today, Senator John Cornyn (R-TX), the second-highest-ranking Republican in the Senate, introduced a bill to reform the authority and operation of the Committee on Foreign Investment in the United States (“CFIUS”). The bill is co-sponsored by Senator Dianne Feinstein (D-CA) and Senator Richard Burr (R-NC), the Chairman of the Senate Select Committee on ...
Covington Advises SK Holdings in Acquisition of Significant Minority Interest in Eureka Midstream
October 27, 2017
NEW YORK—Covington represented SK Holdings Co., Ltd. in its acquisition of a significant minority interest in Eureka Midstream Holdings, LLC, a midstream energy company that owns and operates approximately 340 miles of gas gathering pipelines in Ohio and West Virginia. The transaction closed in early October 2017. SK Group is a top three conglomerate in South ...
October 25, 2017, CNBC
Mark Plotkin is quoted in a CNBC article regarding new legislation that would create tougher guidelines for foreign investment in the U.S. "Having been briefed on earlier versions of the proposal, I think that the current draft is substantially improved," says Plotkin. "It clearly reflects careful coordination and discussion among various stakeholders in the ...
5 Takeaways From CFIUS' Latest Annual Report
September 22, 2017, Law360
Mark Plotkin is quoted in a Law360 article providing key takeaways from the Committee on Foreign Investment in the United States (CFIUS) annual report. According to Plotkin, “The increase in the number of investigations in 2015 I think foreshadows what has become a trend of increased tightening and scrutiny by CFIUS over the last few years that accelerated in ...
Newly-Released CFIUS Annual Report for 2015 Foreshadows Heightened Scrutiny of Foreign Investment
September 21, 2017, Covington Alert
The Committee on Foreign Investment in the United States (“CFIUS”) this week released its long-awaited Annual Report to Congress regarding foreign acquisitions of U.S. businesses reviewed by CFIUS in 2015. The report provides important data that yields insights into the types of transactions the Committee reviewed and the Committee’s treatment of those ...
September 14, 2017, Covington Alert
We are writing to provide our perspective on two significant developments involving the Committee on Foreign Investment in the United States (“CFIUS”).
June 23, 2017, Covington Alert
We are writing to provide our perspective on recent developments regarding the Committee on Foreign Investment in the United States (“CFIUS”), including the plans of Senator John Cornyn (R-TX) to introduce significant legislation to reform CFIUS, and the operation of CFIUS in the first six months of the administration of President Donald Trump.
May 18, 2017, Covington Alert
On May 18, 2017, newly confirmed U.S. Trade Representative Robert Lighthizer formally notified Congress that President Trump intends to renegotiate the North American Free Trade Agreement (NAFTA). The Trump Administration has indicated that it will request public input on the “direction, focus, and content” of these negotiations, and will publish notice in the ...
April 21, 2017, Covington Alert
On April 20, 2017, President Trump issued a memorandum announcing that the Secretary of Commerce had initiated an investigation to determine the effects of imported steel on national security. The investigation was initiated under Section 232 of the Trade Expansion Act of 1962, as amended. While it remains to be seen what actions the Administration might ...
How Russian Oil Giant Rosneft Could Claim U.S. Oil
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 ...
Presidential Report Recommends U.S. Action to Counter Chinese Policies in the Semiconductor Industry
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 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 ...
Foreign Investment and U.S. National Security
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.”
September 21, 2016
SHANGHAI—China Law & Practice has named Covington as “Regulatory & Compliance Firm of the Year” at its annual award ceremony. The leading Chinese legal publication also recognized Shanghai partner Eric Carlson as “Regulatory & Compliance Lawyer of the Year” and the firm for its role in the “Outbound Deal of the Year,” China National Tire & Rubber’s $7.8 billion ...
Powerful U.S. Panel Clears Chinese Takeover of Syngenta
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.”
Syngenta's Approval Shows Limits of Politics on China
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 ...
May 31, 2016
WASHINGTON—Chambers USA has selected Covington for its 2016 Award for Excellence in International Trade. The Award for Excellence in International Trade is presented at Chambers USA’s annual awards dinner and awarded to one law firm. The award coincides with the release of the Chambers USA 2016 guidebook, in which Covington received a top-tier ranking nationally ...
China's FDI in US continues record pace: report
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 22, 2016, Covington Alert
Four Covington Partners Named Law360 MVPs
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.”
November 11, 2014, Covington E-Alert
Covington Secures CFIUS Approval for Lenovo Acquisition
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
BEIJING, 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
October 25, 2013, Covington Advisory
9/27/2013
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 ...
Covington Shortlisted for Five Chambers USA Awards
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 ...
2/13/2013
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 ...
Covington Opens New Office in Seoul
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
Covington’s David Fagan Testifies Before USCC
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 ...
Covington to Open Seoul Office, Adds William H.Y. Park
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 ...
August 31, 2011, Covington E-Alert
6/10/2011
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
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 ...
Washingtonian Names 25 Covington Attorneys ‘Top Lawyers’
11/23/2009
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 ...
DOD Policy Guidance for Foreign Ownership, Control or Influence ("FOCI")
October 2009, Covington Report
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 ...
January 14, 2009, Shanghai Daily
January 7, 2009, Vale Columbia Center
12/2/2008
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 ...
8/21/2008
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 ...
8/7/2008
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 ...
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
House Committee on Energy and Commerce Markup Session on CFIUS Reform Bill
July 12, 2006
House Subcommittee on Commerce, Trade, and Consumer Protection CFIUS Hearing
July 11, 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)
Covington & Burling Announces Ten New Partners
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 ...
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 ...
- Chambers USA
- Ranked in Band 1 for CFIUS; only firm with two lawyers ranked individually in Band 1
- Award for Excellence in International Trade (2016)
- China Law & Practice
- "Outbound Deal of the Year" (2016)
- Law360
- International Trade Group of the Year for three consecutive years (2015–2017)
- Mark Plotkin was named an MVP in the International Trade category (2015, 2017)
- David Fagan was named an MVP in the International Trade category (2014)
- The American Lawyer
- David Fagan and Mark Plotkin were recognized as "Dealmakers of the Year" for 2016
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