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Foreign Investment Review | Cleary Gottlieb
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class="btn--close">Close</button> </nav> </nav> <h1 class="banner-slider__title">Foreign Investment Review</h1> <section class="small-slider is-slider" aria-label="small slider" data-background="black" data-has-dots data-speed="6000" data-dont-autoplay-mobile> <div class="small-slider__item"> <h2 class="small-slider__title">The Cleary Foreign Investment and International Trade Watch</h2> <div class="small-slider__separator"></div> <a href="https://www.clearytradewatch.com" class="small-slider__cta"> Read our blog </a> </div> <div class="small-slider__item"> <h2 class="small-slider__title">“The best and most sophisticated antitrust practice for global transactions. They are brilliant strategists.”</h2> <div class="small-slider__separator"></div> <p class="small-slider__cta"> Chambers Global </p> </div> <div class="small-slider__item"> <h2 class="small-slider__title">“They have their finger on the pulse of the M&A world.”</h2> <div class="small-slider__separator"></div> <p class="small-slider__cta"> Chambers USA </p> </div> </section> </section> <main role="main" class="col-wrapper--outer "> <div class="col-wrapper--inner"> <div class="col"> <section class="content-section rich-text narrative"> <div class="section__content rtf-is-expandable"> <p>Cleary Gottlieb’s foreign investment review practice has been at the forefront of national security reviews of foreign investments for over two decades.</p> <p>With experience in its leading Committee on Foreign Investment in the United States (<a href="/practice-landing/economic-sanctions-and-foreign-investments">CFIUS</a>) practice, as well as a leading position in the rapidly evolving foreign investment review landscape in other jurisdictions where we practice, including the United Kingdom, France, Italy, Germany, Russia, China, and the European Union, our teams have experience with structuring, notification, post-closing investigations, and mitigation agreements. The breadth and depth of Cleary’s capabilities in managing foreign investment reviews is unsurpassed.</p> <p>Not only has our group been closely involved in the evolution of these national regimes, but we have also established strong relationships with leading firms in other jurisdictions with active foreign investment regimes, such as those of Canada and Australia. The FIR group coordinates closely with our market-leading <a href="/practice-landing/antitrust">antitrust</a> and <a href="/practice-landing/mergers-acquisitions-and-joint-ventures">M&A</a> practices to provide seamless advice guiding complex cross-border transactions – what Cleary has been known for since its inception.</p> <p>We also have experience in a wide range of industries, including <a href="/practice-landing/airlines-aviation-and-aerospace">aerospace</a>, <a href="/practice-landing/banking-and-financial-institutions">banking</a>, defense, <a href="/practice-landing/energy">energy</a>, finance, <a href="/practice-landing/project-finance-and-infrastructure">infrastructure</a>, <a href="/practice-landing/pharmaceuticals-and-biotechnology">pharmaceuticals</a>, <a href="/practice-landing/technology">information technology</a>, semiconductors, <a href="/practice-landing/telecommunications">telecommunications</a>, and transportation, along with an established history advising sovereign wealth funds and other state-linked investors.</p> <p>Cleary’s foreign investment review practice includes experience in:</p> <ul> <li><strong>France</strong>, where our team in Paris has a long history of representing clients and advising public authorities on complex cases involving novel legal developments. We are regularly consulted by the French authorities to offer our opinion on reform proposals.</li> <li><strong>Germany</strong>, where our well-established team has handled several filings for strategic and financial investors, as well as sovereign wealth funds, across a variety of sectors, including critical infrastructure sectors and the defense industry.</li> <li><strong>Italy</strong>, where our longstanding relationship with regulators, which includes our advice to the government in 2012 when the existing legal framework was introduced, has enabled us to obtain unique insights into their regime, currently focused on defense, energy, transport, communications, and critical infrastructures and technologies.</li> <li><strong>United Kingdom</strong>, where we have advised international clients in a range of sectors, including technology, media, and defense. Benefiting from our team’s experience of working within the UK regulators, we are also closely involved in the ongoing debate regarding proposed reform to the UK regime.</li> <li><strong>The European Union</strong>, where we have been deeply imbedded since the opening of our Brussels office in 1960 as a direct consequence of the close relationship between French political and economic adviser Jean Monnet and former U.S. Under-Secretary of State, George Ball, one of the firm’s founding partners and legal advisor to Monnet on the implementation of the Marshall Plan and the drafting of the Treaties of the European Communities.</li> </ul> </div> </section> <section class="content-section notable-experience section-expandable"> <div class="section__header"> <p class="content-section__header">Notable Experience</p> <button class="section-expandable__trigger">trigger</button> </div> <div class="section__content"> <div class="notable-experience__experience-item"> <div class="truncated-list"> <ul class="indented-list truncated-list__content"> <li class="indented-list__item truncated-list__item"> <p>Alstom in its €6.2 billion acquisition of Bombardier Transportation and the related investment in Alstom by Caisse de dépôt et placement du Québec.</p> </li> <li class="indented-list__item truncated-list__item"> <p>ABB in the sale of its critical power solutions business to AcBel.</p> </li> <li class="indented-list__item truncated-list__item"> <p>A major Middle Eastern sovereign wealth fund in its acquisition of an interest in a life sciences testing and measurement business, its first CFIUS filing.</p> </li> <li class="indented-list__item truncated-list__item"> <p>An Asian sovereign wealth fund in its investment in a pharmaceutical research and testing business, and numerous other matters.</p> </li> <li class="indented-list__item truncated-list__item"> <p>OpenText in its $1.42 billion acquisition of Carbonite.</p> </li> <li class="indented-list__item truncated-list__item"> <p>Ecology and Environment Inc. in its acquisition of WSP Global. </p> </li> <li class="indented-list__item truncated-list__item"> <p>Allied Universal in its acquisition of SOS Security. </p> </li> <li class="indented-list__item truncated-list__item"> <p>A major Middle Eastern sovereign wealth fund in its participation in the $14.3 billion acquisition of fiber optic provider Zayo. </p> </li> <li class="indented-list__item truncated-list__item"> <p>L’Air Liquide S.A. in its $13.4 billion acquisition of Airgas, and in its sale of Aqua Lung to Montagu Private Equity.</p> </li> <li class="indented-list__item truncated-list__item"> <p>A major Middle Eastern sovereign wealth fund in its investment in Arysta, a major manufacturer of agricultural pesticides.</p> </li> <li class="indented-list__item truncated-list__item"> <p>Dassault Systémes in its acquisition of No Magic, Inc., and associated mitigation agreements.</p> </li> <li class="indented-list__item truncated-list__item"> <p>Qatar Investment Authority in its $1.6 billion investment in Gigamon.</p> </li> <li class="indented-list__item truncated-list__item"> <p>The independent director nominees in Broadcom’s proxy contest for Qualcomm’s board.</p> </li> <li class="indented-list__item truncated-list__item"> <p>OpenText in its $1.62 billion acquisition of Dell EMC’s Enterprise Content Division and its $240 million acquisition of Guidance Software.</p> </li> <li class="indented-list__item truncated-list__item"> <p>3M in the $200 million sale of its electronic monitoring business to Apax Partners. </p> </li> <li class="indented-list__item truncated-list__item"> <p>Aerostar and ASUR in Aerostar’s acquisition of majority control of Puerto Rico’s main airport (the first major U.S. airport to be privatized) and subsequent mitigation. </p> </li> <li class="indented-list__item truncated-list__item"> <p>Total in its €950 million acquisition of Saft, a French high-tech battery manufacturer. </p> </li> <li class="indented-list__item truncated-list__item"> <p>Google in the sale of Motorola Mobility’s mobile devices business to Lenovo Group Limited. </p> </li> <li class="indented-list__item truncated-list__item"> <p>PAG Asia Capital and TPG Capital in their $1.2 billion acquisition of DTZ, the property services arm of UGL Limited, and the subsequent acquisitions of Cassidy Turley and Cushman & Wakefield. </p> </li> <li class="indented-list__item truncated-list__item"> <p>Parpública, the Portuguese state holding entity, in its sale of a 22% stake in Energias de Portugal, including U.S. wind farm assets, to China Three Gorges. </p> </li> <li class="indented-list__item truncated-list__item"> <p>BHP Billiton in its $40 billion hostile bid for Potash Corporation of Saskatchewan (not completed for unrelated reasons). </p> </li> <li class="indented-list__item truncated-list__item"> <p>Highstar Capital/Ports America in its joint venture with Terminal Investment Limited to operate a container terminal in Oakland, California.</p> </li> <li class="indented-list__item truncated-list__item"> <p>Nortel Networks in the sale of its GSM and CDMA/LTE businesses to Ericsson and numerous competitive divestiture auctions. </p> </li> <li class="indented-list__item truncated-list__item"> <p>The formation of a joint venture between Constellation Energy and Electricité de France (EDF) to develop nuclear power plants in the United States. </p> </li> <li class="indented-list__item truncated-list__item"> <p>The acquisition of port assets from DP World by AIG Global Investment Group, including offshore entities and investors and numerous other matters. </p> </li> </ul> <a href="#" class="content-section__see-more truncated-list__trigger">See More</a> </div> </div> </div> </section> <section class="content-section content-list section-expandable section-publications"> <div class="section__header"> <p class="content-section__header">Publications</p> <button class="section-expandable__trigger">trigger</button> </div> <div class="section__content"> <div class="truncated-list"> <ul class="truncated-list__content"> <li class="content-list__item"> <p> <a href="/news-and-insights/publication-listing/the-revised-oecd-guidelines-a-strengthened-forum-for-resolving-esg-disputes">Columbia FDI Perspectives: The Revised OECD Guidelines: A Strengthened Forum for Resolving ESG Disputes?</a> </p> </li> <li class="content-list__item"> <p> <a href="/news-and-insights/publication-listing/lexology-panoramic-foreign-investment-review-2024">Lexology Panoramic: Foreign Investment Review 2024</a> </p> </li> <li class="content-list__item"> <p> <a href="/news-and-insights/publication-listing/fdi-review-regimes-are-well-established-and-active-outbound-investment-regimes-are-on-the-horizon">FDI Review Regimes are Well-Established and Active; Outbound Investment Regimes are on the Horizon</a> </p> </li> </ul> <a href="/search-results?categories=publications&search=Foreign+Investment+Review&practiceName=4fe7ef87b62a4cb2bbb92ce91d36998c&filter=related_practices" class="content-section__see-more"> View All </a> </div> </div> </section> <section class="content-section content-list section-expandable section-events"> <div class="section__header"> <p class="content-section__header">Events</p> <button class="section-expandable__trigger">trigger</button> </div> <div class="section__content"> <div class="truncated-list"> <ul class="truncated-list__content"> <li class="content-list__item"> <h4 class="content-list__item-header">July 11, 2024</h4> <p> <a href="/news-and-insights/events-listing/artificial-intelligence-in-the-boardroom-what-board-and-senior-executives-need-to-know">Artificial Intelligence in the Boardroom: What Board and Senior Executives Need to Know</a> </p> </li> <li class="content-list__item"> <h4 class="content-list__item-header">March 2, 2023</h4> <p> <a href="/news-and-insights/events-listing/emta-webinar-progress-on-venezuela">EMTA Webinar: Progress on Venezuela?</a> </p> </li> <li class="content-list__item"> <h4 class="content-list__item-header">December 7, 2022</h4> <p> <a href="/news-and-insights/events-listing/annual-conference-on-eu-trade-and-investment-law-2022">Annual Conference on EU Trade and Investment Law 2022</a> </p> </li> </ul> <a href="/search-results?categories=events&search=Foreign+Investment+Review&practiceName=4fe7ef87b62a4cb2bbb92ce91d36998c&filter=related_practices" class="content-section__see-more">View All</a> </div> </div> </section> </div> <div class="col col--side"> <aside class="side-section related-link"> <h3 class="related-link__title"> <a href="/professionals?experience=4fe7ef87b62a4cb2bbb92ce91d36998c" class="related-link__title--link">Related Lawyers</a> </h3> </aside> <section class="promo-modules"> <div class="promo-modules__wrapper is-slider" data-promo-slider data-has-dots> <aside class="promo 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class="complex-list__item-title no-margin">Leading Firm for Corporate/M&A: The Elite</p> <div class="rtf-is-expandable"> <p><em>Chambers USA, 2023</em></p> </div> </li> <li class="complex-list__item truncated-list__item"> <p class="complex-list__item-title no-margin">Ranked No. 1 in the Top 25 “Global Elite”</p> <div class="rtf-is-expandable"> <p><em>Global Competition Review, 2023</em></p> </div> </li> <li class="complex-list__item truncated-list__item"> <p class="complex-list__item-title no-margin">Leading Firm for M&A</p> <div class="rtf-is-expandable"> <p><em>IFLR1000, 2020</em></p> </div> </li> <li class="complex-list__item truncated-list__item"> <p class="complex-list__item-title no-margin">Tier 1 for Corporate and M&A</p> <div class="rtf-is-expandable"> <p><em>The Legal 500 Latin America, 2019</em></p> </div> </li> <li class="complex-list__item truncated-list__item"> <p class="complex-list__item-title no-margin">Named “Best of 2019” for M&A</p> <div class="rtf-is-expandable"> 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