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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.
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.
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 Viper Strike business
Represented Northrop in the sale of its Viper Strike business to MBDA.
$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.
$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.
$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.
$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.
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.
Prysmian S.p.A.’s acquisition of Draka Holdings
Represented Prysmian S.p.A. in its acquisition of Draka Holdings.
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.
Altice Acquisitions
Represented Altice before CFIUS in its acquisitions of Suddenlink Communications and Cablevision.
Statoil’s acquisition of Brigham Exploration
Represented Statoil in its acquisition of Brigham Exploration.
WS Atkins’ acquisition of Nuclear Safety Associates
Represented Nuclear Safety Associates in its acquisition by WS Atkins.
Sophos Group’s $120 million Acquisition of Invincea
Represented Sophos Group before CFIUS in its $120 million acquisition of Invincea.
$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.
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.
$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.
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.
Acquisitions by British Telecommunications
Represented British Telecommunications plc in its acquisitions of Infonet Services Corp., Comsat International, Counterpane, International Network Services, Ribbit Corporation, and Wire One Communications (among others).
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.
Deutsche Telekom in the merger of T-Mobile and Sprint
Secured CFIUS, FOCI, and Team Telecom approvals for Deutsche Telekom in the merger of its subsidiary, T-Mobile U.S. with Sprint Corporation, a transaction valued at $37 billion.
BAE Systems acquisitions
Represented BAE Systems, Inc. in its acquisitions of Armor Holdings, MTC Technologies, Advanced Ceramics Research, IAP Research, Atlantic Marine, OASYS Technology, and Intelligence Service Business of L-1 Identity Solutions, Signal Innovation Group, Eclipse Electronics, and Riptide Autonomous Solutions, LLC (among others).
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.
Schneider Electric SA's sale of industrial software business to AVEVA Group
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, creating a leading engineering and industrial software company valued at approximately $3.88 billion.
Alion's Sale of Naval Systems Unit to Serco
Represented Alion Science and Technology as regulatory counsel in its sale of its naval services unit to Serco Inc. We handled government contracts, national security, CFIUS, and trade controls matters for Alion.
January 13, 2021
LONDON–Covington advised Sensyne Health plc, a UK clinical artificial intelligence company listed on the London AIM market, on its £27.5 million equity fundraising. The fundraise consisted of a placing with institutional investors, a subscription by directors and senior management, and an open offer to the company's existing shareholders. Covington also advised ...
March 26, 2020, Covington Alert
On March 25, 2020, the European Commission (“Commission”) published a policy paper to provide guidance to the EU Member States regarding takeovers by non-EU (“foreign”) investors of EU companies and assets in "strategic industries" during the Covid-19 crisis (the “Guidance Paper” or the “Guidelines”). The Commission emphasizes the importance of vigorously ...
December 13, 2018, Covington Alert
The first EU-level rules on the screening of foreign direct investment (FDI) are about to be agreed. These do not provide for the direct screening of FDI by the institutions of the Union, but rather create a framework for national initiatives and the exchange of information, and impose certain obligations on Member States to ensure a certain harmonization of any ...
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 ...
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 ...
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 ...
- 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).
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