Cravath’s London Office Moves to 100 Cheapside
CFIUS and National Security
Cravath advises U.S. and international companies, private equity and venture capital firms and other investors on the many complex issues raised by the Committee on Foreign Investment in the United States (CFIUS) and related national security considerations.
Our expertise is derived from a combination of representing our international clients, who often seek to acquire U.S. businesses as part of a global growth strategy, and our U.S. clients, who pursue opportunities with international investors, in countless transactions across every industry and involving every region of the world.
Clients rely on our expertise to help them navigate the regulatory aspects of cross-border mergers, acquisitions, dispositions, investments and other business transactions, including:
- identifying and assessing CFIUS risks and implications at the earliest stages of transaction planning;
- strategic counseling on whether a mandatory CFIUS filing is required or a voluntary notice to CFIUS is advisable;
- assisting clients in engaging with CFIUS regarding their transactions when appropriate;
- coordinating with local counsel and specialists in connection with non‑U.S. foreign direct investment (FDI) reviews to provide seamless global FDI coverage;
- advising on Office of Foreign Assets Control (OFAC) sanctions matters and U.S. export controls;
- assessing implications of the U.S. Department of Justice’s “safe harbor” policy for national security law violations disclosed during mergers and acquisitions; and
- counseling on cybersecurity and data privacy issues ranging from compliance to incident response to post‑breach investigation and notification and communication with U.S.‑based and foreign regulatory and enforcement authorities.
Our multidisciplinary team includes former White House, U.S. Treasury Department and U.S. Department of Justice officials who have held senior legal and policy roles relating to national security implications of foreign investments. Clients benefit from an advisor who understands the roles and responsibilities of the many U.S. government agencies involved in the CFIUS process when evaluating a transaction in an ever‑evolving landscape.
Our expertise is derived from a combination of representing our international clients, who often seek to acquire U.S. businesses as part of a global growth strategy, and our U.S. clients, who pursue opportunities with international investors, in countless transactions across every industry and involving every region of the world.
Clients rely on our expertise to help them navigate the regulatory aspects of cross-border mergers, acquisitions, dispositions, investments and other business transactions, including:
- identifying and assessing CFIUS risks and implications at the earliest stages of transaction planning;
- strategic counseling on whether a mandatory CFIUS filing is required or a voluntary notice to CFIUS is advisable;
- assisting clients in engaging with CFIUS regarding their transactions when appropriate;
- coordinating with local counsel and specialists in connection with non‑U.S. foreign direct investment (FDI) reviews to provide seamless global FDI coverage;
- advising on Office of Foreign Assets Control (OFAC) sanctions matters and U.S. export controls;
- assessing implications of the U.S. Department of Justice’s “safe harbor” policy for national security law violations disclosed during mergers and acquisitions; and
- counseling on cybersecurity and data privacy issues ranging from compliance to incident response to post‑breach investigation and notification and communication with U.S.‑based and foreign regulatory and enforcement authorities.
Our multidisciplinary team includes former White House, U.S. Treasury Department and U.S. Department of Justice officials who have held senior legal and policy roles relating to national security implications of foreign investments. Clients benefit from an advisor who understands the roles and responsibilities of the many U.S. government agencies involved in the CFIUS process when evaluating a transaction in an ever‑evolving landscape.
Deals & Cases
December 20, 2023
Aon’s $13.4 Billion Acquisition of NFP
On December 20, 2023, Aon plc (“Aon”), a leading global professional services firm, announced the signing of a definitive agreement to acquire NFP, a leading middle‑market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and funds affiliated with HPS Investment Partners. Under the terms of the transaction, Aon will acquire NFP for a total consideration estimated to be $13.4 billion at the time of close, which will be funded by $7 billion of cash and $6.4 billion of Aon stock. Cravath is representing Aon in connection with the transaction.
Deals & Cases
October 16, 2023
Vista Outdoor’s $1.91 Billion Sale of its Sporting Products Business to CSG
On October 16, 2023, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”), a leading industrial technology holding company, for an enterprise value of $1.91 billion in an all-cash transaction. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities. Cravath is representing Vista Outdoor in connection with the transaction.
Activities
May 22, 2025
Ben Joseloff Speaks at Cuatrecasas and CMM’s Foreign Trade and Foreign Direct Investment in Mexico Program
On May 21, 2025, Cravath partner Benjamin G. Joseloff participated in “Foreign Trade and Foreign Direct Investment in Mexico,” a program presented by Cuatrecasas and De la Calle, Madrazo, Mancera (“CMM”) in Mexico City. Ben spoke on a panel entitled “Global Trends in Foreign Direct Investment Regimes: Lessons for Mexico,” which explored the international trend toward strengthening foreign direct investment review systems, and the potential impacts of this trend on Mexico. The program convened corporate attorneys, private sector executives and government officials to discuss timely international trade and investment issues.
Publications
May 13, 2025
Cravath Publishes Quarterly Review on Q1 2025 Trends in M&A, Activism and Corporate Governance
On May 12, 2025, Cravath published the latest edition of its Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Activities
May 06, 2025
Ben Joseloff Delivers Guest Lecture on CFIUS at Stanford Law School
On May 5, 2025, Cravath partner Benjamin G. Joseloff spoke at Stanford Law School in Palo Alto, California. Ben provided an invited guest lecture in the law school’s International Economic Law, Business & Policy Colloquium, in which advanced degree students explore selected issues, case studies and policy debates in international economic law and business, global political economy and international economic dispute resolution. Ben’s lecture, entitled “Understanding CFIUS,” explored current legal and policy issues relating to the Committee on Foreign Investment in the United States (CFIUS) and other tools of U.S. economic statecraft.
Activities
March 20, 2025
Law360 Selects Seven Cravath Partners for 2025 Editorial Advisory Boards
Seven Cravath partners were selected to serve on Law360’s 2025 Editorial Advisory Boards: Wes Earnhardt (Media & Entertainment), Brittany L. Sukiennik (Trials), Douglas Dolan (Capital Markets), Arvind Ravichandran (Tax Authority International), Jeffrey T. Dinwoodie (Banking), Adam M. Sanchez (Private Equity) and Benjamin G. Joseloff (International Trade). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Publications
February 11, 2025
G.J. Ligelis Jr., Alyssa Caples, Chris Fargo and Maggie Segall Co‑Author U.S. Chapters of Chambers “Investing In… 2025” Guide
Cravath partners G.J. Ligelis Jr., Alyssa K. Caples, Christopher K. Fargo and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the fifth edition of Chambers “Investing In… 2025” Guide, which was published in January 2025. The guide, which is part of the publisher’s Global Practice Guides series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate, as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.
Deals & Cases
December 20, 2023
Aon’s $13.4 Billion Acquisition of NFP
On December 20, 2023, Aon plc (“Aon”), a leading global professional services firm, announced the signing of a definitive agreement to acquire NFP, a leading middle‑market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and funds affiliated with HPS Investment Partners. Under the terms of the transaction, Aon will acquire NFP for a total consideration estimated to be $13.4 billion at the time of close, which will be funded by $7 billion of cash and $6.4 billion of Aon stock. Cravath is representing Aon in connection with the transaction.
Deals & Cases
October 16, 2023
Vista Outdoor’s $1.91 Billion Sale of its Sporting Products Business to CSG
On October 16, 2023, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”), a leading industrial technology holding company, for an enterprise value of $1.91 billion in an all-cash transaction. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities. Cravath is representing Vista Outdoor in connection with the transaction.
Activities
May 22, 2025
Ben Joseloff Speaks at Cuatrecasas and CMM’s Foreign Trade and Foreign Direct Investment in Mexico Program
On May 21, 2025, Cravath partner Benjamin G. Joseloff participated in “Foreign Trade and Foreign Direct Investment in Mexico,” a program presented by Cuatrecasas and De la Calle, Madrazo, Mancera (“CMM”) in Mexico City. Ben spoke on a panel entitled “Global Trends in Foreign Direct Investment Regimes: Lessons for Mexico,” which explored the international trend toward strengthening foreign direct investment review systems, and the potential impacts of this trend on Mexico. The program convened corporate attorneys, private sector executives and government officials to discuss timely international trade and investment issues.
Publications
May 13, 2025
Cravath Publishes Quarterly Review on Q1 2025 Trends in M&A, Activism and Corporate Governance
On May 12, 2025, Cravath published the latest edition of its Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Activities
May 06, 2025
Ben Joseloff Delivers Guest Lecture on CFIUS at Stanford Law School
On May 5, 2025, Cravath partner Benjamin G. Joseloff spoke at Stanford Law School in Palo Alto, California. Ben provided an invited guest lecture in the law school’s International Economic Law, Business & Policy Colloquium, in which advanced degree students explore selected issues, case studies and policy debates in international economic law and business, global political economy and international economic dispute resolution. Ben’s lecture, entitled “Understanding CFIUS,” explored current legal and policy issues relating to the Committee on Foreign Investment in the United States (CFIUS) and other tools of U.S. economic statecraft.
Activities
March 20, 2025
Law360 Selects Seven Cravath Partners for 2025 Editorial Advisory Boards
Seven Cravath partners were selected to serve on Law360’s 2025 Editorial Advisory Boards: Wes Earnhardt (Media & Entertainment), Brittany L. Sukiennik (Trials), Douglas Dolan (Capital Markets), Arvind Ravichandran (Tax Authority International), Jeffrey T. Dinwoodie (Banking), Adam M. Sanchez (Private Equity) and Benjamin G. Joseloff (International Trade). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Publications
February 11, 2025
G.J. Ligelis Jr., Alyssa Caples, Chris Fargo and Maggie Segall Co‑Author U.S. Chapters of Chambers “Investing In… 2025” Guide
Cravath partners G.J. Ligelis Jr., Alyssa K. Caples, Christopher K. Fargo and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the fifth edition of Chambers “Investing In… 2025” Guide, which was published in January 2025. The guide, which is part of the publisher’s Global Practice Guides series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate, as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.
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