CFIUS for Non-U.S. Investors: What French Investors Need to Know About New U.S. Restrictions

February 20, 2019

French companies and PE funds are more and more often considering acquisitions of U.S. targets.

In this context, French investors should be mindful of the on-going expansion of the jurisdiction and authority of the Committee on Foreign Investment in the United States (CFIUS). CFIUS is a multi-agency U.S. government committee responsible for reviewing foreign acquisitions of controlling interests in U.S. businesses. In addition to mergers, acquisitions, takeovers and other investments that confer controlling interest, CFIUS now has authority to review:

  • Non-controlling investments if the U.S. target is involved in critical infrastructure or critical technologies or maintains sensitive personal data of U.S. citizens
  • Changes in non-U.S. investors’ governance rights
  • Transactions involving real estate in close proximity to sensitive U.S. government facilities, and
  • Transactions structured to evade CFIUS jurisdiction.

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For further information, please contatct Pauline Enet.