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.
Activities
October 06, 2025
Ben Joseloff Delivers Guest Lecture on CFIUS and U.S. Investment Security Policy at New York University School of Law
On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.
Publications
August 11, 2025
Cravath Publishes Quarterly Review on Q2 2025 Trends in M&A, Activism and Corporate Governance
On August 11, 2025, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Publications
August 11, 2025
Cravath Venture Capital & Growth Equity Insights: 2025 Mid‑Year Market Update
On August 11, 2025, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which has been redesigned to provide greater insight into global venture capital and related activity during the first half of 2025 and outlook for the rest of the year. Key takeaways from this edition include:
Activities
July 24, 2025
Ben Joseloff and Roberto Bruno Speak at 2025 GOP International Academy
On July 23, 2025, Cravath partner Benjamin G. Joseloff and European counsel Roberto Bruno participated in the 2025 GOP International Academy event “From Boardroom to Courtroom: International Trade and Business Law in Current Times,” which was hosted by international law firm Gianni & Origoni from July 21-25 in London. Ben and Roberto led a session entitled “The Committee on Foreign Investment in the United States (CFIUS) and the Regulation of Foreign Direct Investment in the Second Trump Administration,” which reviewed recent developments in U.S. investment security policy. The GOP International Academy, which is supported by the Italian National Bar Council, the Italian Higher School of Advocacy, the Law Society of England and Wales and the Bar Council of England and Wales, provides professional development experiences designed for Italian lawyers, English solicitors, graduate students, trainees and holders of postgraduate diplomas.
Activities
July 18, 2025
Ben Joseloff Testifies on CFIUS Before U.S. House Subcommittee on National Security, Illicit Finance, and International Financial Institutions
On July 16, 2025, Cravath partner and former White House and U.S. Department of the Treasury official Benjamin G. Joseloff testified before the Subcommittee on National Security, Illicit Finance, and International Financial Institutions of the United States House Committee on Financial Services. The hearing entitled “U.S. Policy on Investment Security” examined how the Committee on Foreign Investment in the United States (“CFIUS”) balances national security safeguards with maintaining an open investment environment.
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.
Activities
October 06, 2025
Ben Joseloff Delivers Guest Lecture on CFIUS and U.S. Investment Security Policy at New York University School of Law
On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.
Publications
August 11, 2025
Cravath Publishes Quarterly Review on Q2 2025 Trends in M&A, Activism and Corporate Governance
On August 11, 2025, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Publications
August 11, 2025
Cravath Venture Capital & Growth Equity Insights: 2025 Mid‑Year Market Update
On August 11, 2025, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which has been redesigned to provide greater insight into global venture capital and related activity during the first half of 2025 and outlook for the rest of the year. Key takeaways from this edition include:
Activities
July 24, 2025
Ben Joseloff and Roberto Bruno Speak at 2025 GOP International Academy
On July 23, 2025, Cravath partner Benjamin G. Joseloff and European counsel Roberto Bruno participated in the 2025 GOP International Academy event “From Boardroom to Courtroom: International Trade and Business Law in Current Times,” which was hosted by international law firm Gianni & Origoni from July 21-25 in London. Ben and Roberto led a session entitled “The Committee on Foreign Investment in the United States (CFIUS) and the Regulation of Foreign Direct Investment in the Second Trump Administration,” which reviewed recent developments in U.S. investment security policy. The GOP International Academy, which is supported by the Italian National Bar Council, the Italian Higher School of Advocacy, the Law Society of England and Wales and the Bar Council of England and Wales, provides professional development experiences designed for Italian lawyers, English solicitors, graduate students, trainees and holders of postgraduate diplomas.
Activities
July 18, 2025
Ben Joseloff Testifies on CFIUS Before U.S. House Subcommittee on National Security, Illicit Finance, and International Financial Institutions
On July 16, 2025, Cravath partner and former White House and U.S. Department of the Treasury official Benjamin G. Joseloff testified before the Subcommittee on National Security, Illicit Finance, and International Financial Institutions of the United States House Committee on Financial Services. The hearing entitled “U.S. Policy on Investment Security” examined how the Committee on Foreign Investment in the United States (“CFIUS”) balances national security safeguards with maintaining an open investment environment.
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