Governments are increasingly adopting or enhancing foreign direct investment (FDI) clearance regimes that aim to monitor, regulate, restrict, and/or require disclosure of certain types of FDI — in particular, on the grounds of protecting national or economic security, public order and/or activities deemed “essential.” These new legal regimes are an increasingly important feature of contemporary M&A and investment transactions and, unless timely and effectively addressed, present risks to transaction timing, certainty and in some cases, feasibility.
Our Global FDI group is comprised of “on the ground” practitioners in Washington, D.C., London, Brussels, Paris and Munich, with deep experience advising clients on effectively navigating the challenges arising from FDI clearance regimes. In jurisdictions where our Firm does not have offices, we have close working relationships with leading local practitioners adept at working efficiently and effectively with our Global FDI group.
Our Global FDI group is deeply integrated within Kirkland’s global M&A and private equity practices, and has advised on corporate transactions, including buy- and sell-side mandates, coinvestments, and joint ventures, in more than 180 countries and on six continents. We advise on all major FDI regimes that impact cross-border deals, including:
- The Committee on Foreign Investment in the United States (CFIUS),
- the UK’s National Security and Investment Act,
- France’s FDI regime administered by MANELI,
- Germany’s Foreign Trade and Payments Ordinance,
- Belgium’s Cooperation Agreement on FDI Screening, and
- the overarching Foreign Direct Investment Screening Regulation in the EU.
Our Global FDI group has extensive experience across a wide variety of transaction types and sectors, including energy, semiconductors, software, biotechnology, healthcare, financial services and infrastructure. We regularly represent clients in transactions that require coordinated filings and advocacy before numerous FDI regulators simultaneously.
Many of our team members have previously served as senior government officials and have earned accolades from clients and peers as some of the leading practitioners in the field. We are uniquely positioned to help clients navigate the shifting policy and political winds that shape FDI laws, regulations and agency practices.