The US federal government is at risk of a partial shutdown unless Congress can enact appropriations to fund certain federal operations by September 30, 2023. Both the Department of Justice (DOJ) and Federal Trade Commission...more
The foreign ownership, control or influence ("FOCI") program administered by the Department of Defense's ("DoD") Defense Counterintelligence and Security Agency ("DCSA"), which is by far the largest US FOCI program, continues...more
Now in its seventh year of annual publication, White & Case's Foreign Direct Investment Reviews provides a comprehensive look into rapidly evolving foreign direct investment (FDI) laws and regulations in approximately 40...more
3/22/2023
/ Acquisitions ,
Anti-Monopoly ,
Asia Pacific ,
Australia ,
Austria ,
Belgium ,
Canada ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cross-Border ,
Cybersecurity ,
Czech Republic ,
Denmark ,
EMEA ,
Estonia ,
EU ,
EU Screening Regulation ,
Finland ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Germany ,
Hungary ,
Iceland ,
India ,
Investment ,
Investors ,
Italy ,
Japan ,
Korea ,
Latvia ,
Legislative Agendas ,
Lithuania ,
Luxembourg ,
Malta ,
Member State ,
Mergers ,
Mexico ,
Middle East ,
National Security ,
Netherlands ,
New Legislation ,
New Zealand ,
Norway ,
Poland ,
Popular ,
Portugal ,
Romania ,
Slovakia ,
Slovenia ,
Spain ,
Sweden ,
Switzerland ,
Taiwan ,
Turkey ,
UK ,
United Arab Emirates (UAE) ,
United States
Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter...more
1/30/2023
/ Acquisitions ,
Buyers ,
Capital Markets ,
CFIUS ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Domestic Dealmaking ,
Environmental Social & Governance (ESG) ,
EU ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Global Dealmaking ,
Investment ,
Investors ,
Mergers ,
Pharmaceutical Industry ,
Private Equity ,
Publicly-Traded Companies ,
Real Estate Market ,
Securities and Exchange Commission (SEC) ,
Sellers ,
Special Purpose Acquisition Companies (SPACs) ,
Technology
The signing of the Foreign Investment Risk Review Modernization Act (FIRRMA) into law in 2018 was the most significant update to CFIUS in more than a decade. For years leading up to the new legislation, there had been a...more
Governments around the world are tightening their scrutiny of foreign direct investments -
Recent years have seen an upswing in foreign direct investment (FDI) reviews—a trend that has only accelerated sharply since the...more
2/9/2022
/ Acquisitions ,
CFIUS ,
Denmark ,
EU ,
FIRRMA ,
Foreign Investment ,
Investment ,
Investors ,
Mergers ,
Switzerland ,
UK
President Joe Biden's approach to the national security risks posed by foreign-backed M&A may differ in style from his predecessor, but not in substance -
Under the Biden administration, the Committee on Foreign Investment...more
Already burgeoning, foreign direct investment regulations worldwide are bulking up still more in response to emerging threats.
Over the past few years, countries around the globe have started to either implement or ratchet...more
9/26/2020
/ Blocked Mergers ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Department of Defense (DOD) ,
EU ,
European Commission ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Global Market ,
Healthcare Facilities ,
Mergers ,
National Security ,
Personal Protective Equipment ,
Supply Chain ,
Taiwan ,
Technology Sector
FDI restrictions have been on the political agenda in Europe and further afield for at least the past year, and following the outbreak of COVID-19 and the changed economic landscape, the approach in jurisdictions across the...more
7/20/2020
/ Biotechnology ,
Coronavirus/COVID-19 ,
Foreign Acquisitions ,
Foreign Adversaries ,
Foreign Direct Investment ,
Foreign Investment ,
Global Dealmaking ,
Investors ,
Medical Research ,
Mergers ,
National Security ,
Political Parties ,
Reputation Management
Prior to the outbreak of the COVID-19 pandemic, there had been a growing and global trend of established Western economies increasingly scrutinising foreign investment in key sectors. FDI restrictions have been on the...more
5/29/2020
/ Belt and Road Initiative (BRI) ,
Blocked Mergers ,
China ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
EU ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Member State ,
Mergers ,
National Security ,
National Security Review Proceedings ,
Non-EU Investors ,
Popular
Cross-border M&A remains a high priority—though trade wars and national security rules change the game for some -
Appetite for cross-border deals remains high across countries. Seventy-six percent of respondents to our...more
As the rest of the world backed away from the deal table, confident US corporates continued buying businesses—especially in the life sciences and TMT sectors, and particularly in the domestic market.
US dealmakers had a...more
2/1/2020
/ Acquisitions ,
Antitrust Provisions ,
Canada ,
CFIUS ,
Department of Justice (DOJ) ,
Domestic Dealmaking ,
Family Businesses ,
Federal Trade Commission (FTC) ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Global Dealmaking ,
Global Economy ,
Life Sciences ,
Mergers ,
Pharmaceutical Industry ,
Pre-Merger Filing Requirements ,
Private Equity ,
Privately Held Corporations ,
Trade Wars ,
UK ,
United States-Mexico-Canada Agreement (USMCA)
While few deals are challenged in Canada, national security reviews are becoming more common and complex.
The Investment Review Division (IRD), which is part of the Ministry of Innovation, Science and Economic Development...more
12/30/2019
/ Acquisitions ,
Canada ,
Critical Infrastructure Sectors ,
Filing Requirements ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Investment Canada Act ,
Investment Review Division (IRD) ,
Mergers ,
National Security ,
National Security Review Proceedings ,
Threshold Requirements
The US M&A market delivered a surprisingly robust first half, with total value rising 9 percent year-on-year. Volume, on the other hand, dipped 21 percent.
Defying all odds, US M&A value rose in the first half of 2019....more
This Alert provides an update with respect to foreign direct investment ("FDI") regimes in certain key jurisdictions since the Firm's comprehensive FDI Guide, National Security Reviews 2018, was published in November 2018....more
4/29/2019
/ Australia ,
CFIUS ,
China ,
EU ,
European Council ,
Export Control Reform Act (ECRA) ,
Federal Pilot Programs ,
FIRB ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Germany ,
Japan ,
Mergers ,
National Security Review Proceedings ,
U.S. Commerce Department ,
UK ,
United States
The US M&A market delivered another year of strong performance in 2018. Though deal volume dipped 2 percent year-on-year to 5,682 deals, deal value was up by 15 percent over the period, to US$1.5 trillion -
A number of...more
2/7/2019
/ Acquisitions ,
Antitrust Violations ,
Blocked Mergers ,
CFIUS ,
China ,
Corporate Taxes ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
Dow Jones ,
Equity Compensation ,
Equity Grants ,
Federal Trade Commission (FTC) ,
FIRRMA ,
GDP ,
Health IT ,
Mandatory Declarations ,
Merger Controls ,
Mergers ,
NAFTA ,
National Security Review Proceedings ,
Oil Prices ,
Popular ,
Qualcomm ,
Tariffs ,
Tax Cuts and Jobs Act ,
Tax Rates ,
Trump Administration ,
United States-Mexico-Canada Agreement (USMCA) ,
Vertical Mergers
And when buyers feel unable to conduct enough due diligence, our survey finds that many (44 percent) buyers are unafraid to walk away. The top reason buyers walk away from deals, cited by 67 percent of respondents, is the...more
Despite the opportunities available in the market, the changing face of global politics is exerting an increasing influence over deals. Almost half of respondents (47 percent) point to trade wars and rising protectionism as...more
1/21/2019
/ Acquisitions ,
Antitrust Provisions ,
CFIUS ,
China ,
Cross-Border Transactions ,
Due Diligence ,
EU ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Relations ,
France ,
Germany ,
India ,
Merger Controls ,
Mergers ,
National Security Review Proceedings ,
Political Parties ,
Protectionism ,
Technology Sector ,
Trade Relations ,
UK ,
UK Brexit
The appetite for cross-border M&A shows no signs of abating. Despite rising valuations, growing regulatory scrutiny, interest rate hikes and the specter of protectionism, 62 percent of respondents are planning a cross- border...more
1/18/2019
/ Acquisitions ,
Blockchain ,
Canada ,
Cross-Border Transactions ,
EU ,
France ,
Germany ,
India ,
Mergers ,
Technology Sector ,
UK