Timelines
The reach of the US government is much broader than what is initially obvious and greatly expanded from what it used to be.
Many of the different processes discussed herein are often undertaken concurrently. Foreign acquisitions or investments in US businesses that involve the telecommunications sector, for example, will be subject to a CFIUS review, as well as reviews by the Telecom Committee and the FCC. If that US business also involves technology that is controlled for export, it will be subject to review by the US Departments of State and or Commerce. If that US business also has classified information, it will be subject to a review by the US Defense Department.
The common themes are national security and what measures are necessary to protect each sector from what is perceived as dangerous foreign access.
The reviews will be on different timelines, some with no deadlines, and will focus on similar issues but will have different requirements. Often, all will need to be completed before the transaction can close. Samples include the following:
For this reason, clients should factor CFIUS and other regulatory review timing into the deal schedule.