Hunton Andrews Kurth LLP has extensive experience advising clients on foreign direct investment matters and US laws relating to foreign investment in the United States.

Mergers, acquisitions, joint ventures, and other transactions involving a foreign party’s acquisition of all or part of a US business, as well as participation in key US sectors, such as energy, information technology, or defense, or certain real estate acquisitions by foreign investors, are all potentially subject to review by the Committee on Foreign Investment in the United States (CFIUS). CFIUS reviews in-bound foreign investments and has the authority to block foreign investments or force divestitures of past foreign investments that did not receive clearance through CFIUS’s formal review process.

Our National Security Practice lawyers assist a wide variety of US and multinational clients—including foreign investors, funds, US businesses, minority investors, financial institutions, private equity consortia, and other institutional investors—in evaluating proposed transactions potentially subject to CFIUS review. We also counsel on the process for obtaining clearance from CFIUS, including due diligence, planning an effective strategy for obtaining clearance, and addressing any likely CFIUS concerns, preparing CFIUS filings, responding to CFIUS requests, and negotiating with CFIUS and transaction counterparties regarding measures to mitigate CFIUS concerns. Our CFIUS lawyers are informed by substantial complementary experience in mergers and acquisitions, white collar defense and government investigations, and energy and infrastructure project finance and development, and have obtained CFIUS clearance in a diverse set of transactions. Our experience includes advising on middle-market and large-cap sales and acquisitions and related CFIUS filings across industries including traditional energy, renewables, transportation, e-commerce, defense, manufacturing, and financial services.

• Represented American Electric Power Company, Inc. in obtaining CFIUS approval for the $1.5 billion sale of its renewables portfolio to IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure.
• Represented enCore Energy Corp. in obtaining CFIUS approval for the $120 million acquisition of the Alta Mesa In-Situ Recovery uranium project from Energy Fuels Inc. and for a $70 million investment in enCore and certain of its subsidiaries by Boss Energy Limited, a leading Australian emerging uranium producer.
• Represented Italian multinational aerospace company Leonardo S.p.A. in obtaining CFIUS approval for the sale of the Air Traffic Management activities of Selex ES Inc., its wholly owned US subsidiary, to Indra Air Traffic, Inc., a wholly owned subsidiary of Spanish aerospace company Indra Sistemas S.A.
• Represented one of the world’s leading global direct-to-consumer ecommerce companies in obtaining CFIUS approval for the acquisition of an end-to-end ecommerce solution provider.
• Represented Duke Energy in obtaining CFIUS approval for the sale of a large minority interest in its commercial renewable energy portfolio to the John Hancock Infrastructure Fund and John Hancock Life Insurance Company (USA).
• Represented an industry leader in sustainable energy in obtaining CFIUS approval for the sale of part of its generating portfolio to one of the world’s largest infrastructure managers.
• Represented Electricity Generating Public Company Limited, one of Asia’s largest independent energy developers with a portfolio of traditional and renewable assets, in obtaining CFIUS approval for a substantial minority investment in the owner and operator of a 609-megawatt natural gas power station in the state of Rhode Island, as well as approvals for certain other power generation investments in the US.
• Represented a Chinese investor in obtaining CFIUS approval for the purchase of real estate and other assets, including oil and gas rights.
• Represented a major US insurance company in its acquisition by a Chinese privately-owned investment company in connection with an innovative outsourcing arrangement that was a key piece of seeking and obtaining CFIUS approval.
• Represented a global renewable energy company in connection with obtaining CFIUS approvals for the sale of US wind generation assets to Chinese and other foreign buyers.
• Represented Sabine Oil & Gas Corp. in connection with obtaining CFIUS approval for Sabine’s sale of certain oil and gas assets to Osaka Gas.
• Represented a Canadian investment vehicle in connection with obtaining CFIUS approval for the purchase of various wind generation assets owned by a US-based renewable energy company.
• Represented a foreign investment fund in connection with obtaining CFIUS approval for its investment in a defense-related company.
• Represented Hilcorp Energy and its affiliates in obtaining CFIUS approval for the sale of a 50% interest in the Harvest Pipeline to a consortium of infrastructure investors.
• Represented a mineral sands corporation in obtaining CFIUS approval for its sale of certain assets.
• Represented a number of foreign investors (and US businesses) on a wide variety of transactions potentially subject to CFIUS review and jurisdiction, but for which no CFIUS approval was ultimately sought, including advising on real estate transactions, modular nuclear projects, high-speed rail and other infrastructure concessions, and investments in US telecommunications, software, and manufacturing companies.