Our Website Uses Cookies
We and the third parties that provide content, functionality, or business services on our website may use cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, on and off the website, and help us understand your interests and improve the website.
For more information, please contact us or consult our Privacy Notice.
Your binder contains too many pages, the maximum is 40.
We are unable to add this page to your binder, please try again later.
This page has been added to your binder.
Covington has a preeminent practice representing parties before the Committee on Foreign Investment in the United States (CFIUS), in matters requiring the mitigation of foreign ownership, control or influence (FOCI) over U.S. government contractors, and telecommunications transactions that require review of the so-called "Team Telecom" agencies.
Chambers USA has described Covington's CFIUS practice as "field leading," and has noted our lawyers have "a combination of great resources, instinct, experience and skill sets." The American Lawyer has named our team "Dealmakers of the Year"—first in 2016 and then again for 2019. We have a deep, diverse team that includes lawyers and advisors who have held senior positions in virtually every CFIUS agency.
Covington often is called upon for the most complex, bet-the-company transactions that implicate U.S. government national security authorities. These frequently involve high-stakes commercial investments that present myriad issues ranging from the protection of sensitive data to cutting-edge technology transfers and novel compliance matters. Our representations have included the leading transactions and most complex CFIUS reviews in the following sectors, among others:
- aerospace and defense;
- autonomous vehicles/systems;
- semiconductors;
- information and communications technologies (including AI, software, and mobile apps);
- telecommunications services;
- energy (power infrastructure and upstream, midstream, and downstream);
- life sciences and biotechnologies;
- financial services and insurance;
- manufacturing/chemicals/industrial; and
- transportation systems.
Reflecting our long-standing history of engagement on the law and policy shaping CFIUS—including testifying before various congressional committees over the years—our team also was deeply involved with clients and leading industry associations in CFIUS statutory and regulatory reform under the Foreign Investment Risk Review Modernization Act (FIRRMA) and its implementing rules. Beyond the United States, our CFIUS team also regularly works with colleagues in our Europe and Asia offices on the foreign investment rules and regulations that are shaping the landscape for foreign direct investment around the world.
Acquisition of Global Crossing
Represented Global Crossing in its acquisition by Singapore Technologies Telemedia and earlier phase involving Hutchison Whampoa.
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.
$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.
$15 billion acquisition of Nexen by CNOOC
Represented Nexen in its $15 billion acquisition by China National Offshore Oil Corporation Ltd.
$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.
$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 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.
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.
China Investment Corporation’s investment in AES Corp.
Represented China Investment Corporation in its $1.6 billion investment in AES Corp.
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.
Sale of Wolfcamp Shale leasehold to Sinochem
Represented Pioneer Natural Resources in the sale of leasehold interests in Wolfcamp Shale to Sinochem.
China Oceanwide’s Acquisition of International Data Group, Inc.
Represented China Oceanwide before CFIUS in its acquisition of International Data Group, Inc.
Singapore Telecommunications Limited’s acquisition of Trustwave Holdings, Inc.
Represented Singtel in its $810 million acquisition of Trustwave Holdings, Inc.
Temasek Holdings acquisitions
Represented Temasek Holdings in various matters, including its investment in Merrill Lynch.
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.
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.
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.
$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.
$3.2 Billion Acquisition of Intersil Corporation
Represented Intersil Corporation in its $3.2 billion sale to Japan’s Renesas Electronics Corporation.
Presidential Order Protecting Qualcomm from Hostile Takeover
Our team led the successful CFIUS-based defense of Qualcomm against the hostile takeover bid by Broadcom, the largest hostile takeover (valued at $121 billion) ever attempted in the semiconductor sector. Our efforts helped secure a U.S. Presidential order compelling Broadcom to "immediately and permanently abandon" its proposed hostile takeover of Qualcomm, based on findings by CFIUS that Broadcom's takeover "threatens to impair the national security of the United States."
Genworth Financial's proposed acquisition by China Oceanwide
We represented Genworth Financial in securing the CFIUS approval of its pending $2.7 billion acquisition by China Oceanwide, the largest Chinese investment approved by the Trump Administration.
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.
HAECO's Acquisition of TIMCO Aviation
Represented Hong Kong Aircraft and Engineering Co. (HAECO) during 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.
August 20, 2020, Covington Alert
The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) released its Annual Report to Congress regarding its review of certain transactions involving foreign investment during 2019. The current Annual Report was released just two and a half months after the previous Annual Report, covering 2018, demonstrating the Committee has ...
March 9, 2020, Covington Alert
As we reported this past Friday, on March 6, 2020, President Trump issued only the sixth Executive Order (the “Order”) in history formally prohibiting the acquisition of a U.S. business by a foreign person, pursuant to the authorities that allow the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) to review foreign mergers and ...
August 28, 2019, Covington Alert
On August 23, 2019, President Donald J. Trump tweeted: "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing . . . your companies HOME and making your products in the USA."
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. On June ...
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 ...
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). The prospect ...
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 ...
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 ...
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 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 ...
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 ...
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
- The American Lawyer
- Holly Fechner, Mark Plotkin, and David Fagan were recognized as "Dealmakers of the Year" for 2019
- David Fagan and Mark Plotkin were recognized as "Dealmakers of the Year" for 2016
- 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)
- Chambers Global
- International Trade: CFIUS Experts (2020)
- China Law & Practice
- "Outbound Deal of the Year" (2016)
- Law360
- International Trade Group of the Year for four consecutive years (2015-2018)
- David Fagan was named an MVP in the International Trade category (2018, 2014)
- Mark Plotkin was named an MVP in the International Trade category (2019, 2017, 2015)
"The New CFIUS" Video Series
Covington is pleased to release a multi-part video series with insights on the evolving role of the Committee on Foreign Investment in the United States (CFIUS).
By clicking on filters, the website automatically displays information related to specific interests.
Example: To find Covington’s representative matters, news, and insights related to product liability and mass tort defense class actions, take the following steps:
- Begin on the Product Liability and Mass Tort Defense practice page
- On the section labeled Use Menu Below to Filter Matters and Results, click the arrow next to Litigation and Investigations under the Practices heading
- On the expanded list, click on Class Actions
- Refreshed information will be displayed under the Representative Matters and News and Insights sections of the page
- To refine the information further, click on Life Sciences under the Industries heading