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Vinson & Elkins has an extensive and longstanding practice before the Committee on Foreign Investment in the United States (CFIUS). CFIUS is an inter-agency body charged with identifying risks to U.S. national security potentially presented by mergers, acquisitions, joint ventures, and other transactions in which a foreign entity acquires control over, or certain rights in, a U.S. business. V&E has advised a broad range of U.S. and non-U.S. clients in proceedings before CFIUS and other national security agencies. Our experience includes clients from Asia, Europe, the Middle East, and North America, conducting business in a wide range of industries—from pension fund managers, investment banks, and private equity funds, to operating companies considering a wide range of transactions.
Our practitioners have established relationships with CFIUS member agencies, including the Departments of the Treasury, Defense, Homeland Security, Energy, and others. Our extensive knowledge of defense industries, technology, and the energy and critical infrastructure sectors enables us to evaluate the key risk factors, advise clients considering transactions, and ultimately to manage sensitive matters through the CFIUS process. V&E has enjoyed a number of CFIUS “firsts,” including the first CFIUS filing by a Chinese state-owned enterprise under the then-new 2008 regulations, the first Chinese acquisition of a U.S. auto parts manufacturer, and the first state-owned enterprise investment in U.S. exploration and production assets.
Our team is composed of experienced practitioners in a variety of fields closely related to our CFIUS work. We have extensive experience negotiating CFIUS mitigation agreements as well as agreements to mitigate foreign ownership, control or influence (FOCI), such as security control agreement (SCAs), special security agreements (SSAs) and proxy agreements with the Defense Security Service (DSS) and the Department of Energy, which allow companies with foreign ownership to perform on contracts requiring access to U.S. government classified information. Our CFIUS practice complements V&E’s Corporate, M&A, Export Controls, Government Contracts and Antitrust practices, which rank consistently among the leading practices in the nation.
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Represented a foreign domiciled company in its acquisition of another foreign domiciled company, both with substantial U.S. operations, resulting in a combined company with approximately $49 billion in annual revenue
Represented a Canadian-domiciled company in its $2.4 billion purchase of a U.S. earth imagery and geospatial solutions and analytics company, which involved novel issues before CFIUS pertaining to control of space-based assets
Represented a state-owned enterprise in a billion dollar plus investment in a U.S. exploration and production joint venture
Represented a state-owned enterprise from the People’s Republic of China in acquiring a U.S. logistics business
Represented a U.S. aerospace company selling its business, which included classified contracts, and negotiated a mitigation agreement with the Defense Security Service
Represented a U.S. engineering and construction company selling its business, which included classified contracts, and negotiated mitigation agreements with the Defense Security Service and the National Nuclear Security Administration
Represented a German company acquiring a U.S. software company, which held classified contracts, and negotiated a mitigation agreement with the Defense Security Service
Represented a Chinese publicly traded company regarding an investment in a U.S. manufacturer of high-resolution network security cameras
Represented a U.S. public utility regarding a foreign investment in a joint venture
Represented a U.S. company in connection with the $1 billion acquisition, together with several foreign investors, of a crude oil and condensate pipeline system
Represented a U.S. oil field services company selling a division to a European company
Represented a U.S. automobile parts manufacturer in the sale of a division to a state-owned-enterprise
Represented a Fortune 100 company in the sale of an office building to a foreign investor in a densely populated urban center, navigating national security concerns that resulted from the building’s proximity to sensitive U.S. Government operations
Represented a U.S. manufacturer of computer manufacturing technology to Japanese acquirer and successfully negotiated a special security agreement, mitigation, and trusted source agreements with the Department of Defense
Represented a European private equity investor in connection with its bid to acquire an aerospace company in a transaction valued at approximately €1.2 billion
Represented two Fortune 200 Asian corporations in their minority investment in the creation of a $10 billion U.S. liquefied natural gas (LNG) export facility
Secured CFIUS clearance in connection with the acquisition of a U.S. regulated natural gas utility by a Canadian energy infrastructure company
Assisted a client in obtaining what the press reported as the first CFIUS approval of a transaction involving the acquisition by a state-owned entity of a U.S. business that owned export-controlled machinery
Represented Francisco Partners and TPG in $6.5 billion take-private of New Relic
Represented COSCO Shipping in its $6.3 billion acquisition of Orient Overseas International Limited, including negotiation of a National Security Agreement with CFIUS
Represented Plains Midstream on $3.75 billion sale of Canadian natural gas liquids business to Keyera
Represented SD Biosensor and SJL Partners in $1.53 billion acquisition of Meridian Bioscience
Represented Symphony Technology Group in $1.5 billion acquisition of Momentive Global, maker of SurveyMonkey
Represented CDH in $1.4 billion acquisition of Sirtex
Represented STG in $1.4 billion take-private of Avid Technology
Represented Saba in $1.4 billion sale to Cornerstone
Represented Teleperformance in $1 billion acquisition of Intelenet
Represented Dynapower in $580 million sale to Sensata Technologies
Represented CWT US, LLC in agreement to be acquired by Global Business Travel Group in $570 million transaction
Represented Quotient Technology, Inc. in $430 million business combination with Neptune Retail Solutions
Represented Vector Capital in $355 million sale of MarkLogic
Represented Madison Industries in acquisition of CAE Healthcare for $226 million
Represented Atlas Energy Solutions on $220 million acquisition of Moser Energy Systems
Represented Hotel Shilla in connection with $121 million investment in 3Sixty Duty Free
Represented Foxconn in Partnership and Investment in Lordstown Motors
Represented Francisco Partners and Forcepoint in sale of its G2CI Business to TPG
Represented Vector Capital in Acquisition of Riverbed Technology
Represented Mitsubishi Corporation in investment and participation in ExxonMobil’s Low Carbon Hydrogen and Ammonia Project
Represented Riverside Company in investment in U.S. Cabinet Depot
Represented H.I.G. Capital in its acquisition of Segers Aero Corporation
Represented STG Partners in acquisition of Wrike
Represented Wynnchurch Capital in the sale of Midland Industries
Represented Industrial Growth Partners in the sale of Des-Case
Represented a public Israeli company before CFIUS in acquisition of critical technologies business, including negotiation of a National Security Agreement, during litigation between the parties
Represented private equity firm in the sale of its interests in a utility-scale and distributed generation renewables business
Represented a Chinese-owned asset manager in multiple acquisitions before CFIUS, including negotiating four mitigation agreements
Represented multiple Chinese companies in non-notified outreaches by CFIUS in software companies
Guidance across dozens of transactions to a PRC government-owned investor
Guidance across dozens of transactions to a state-owned Middle Eastern investor
Advised Middle Eastern energy company on CFIUS issues related to a contemplated acquisition of certain OCS Leases in the United States and prepared and filed the Joint Voluntary Notice to CFIUS related thereto
Assisted energy engineering and construction services company in the preparation and filing of a joint voluntary notice to CFIUS
Conducted CFIUS due diligence for a number of corporate and energy/infrastructure transactions
National Security Reviews (CFIUS)
At Vinson & Elkins, we bring decades of knowledge, skill, and experience to our clients’ most complex legal matters.
Discover our latest:
Client Alerts
CFIUS Annual Report: More Declarations, Less Success, and Other Trends
On August 7, 2026, the Committee on Foreign Investment in the United States (“CFIUS”) released its Annual Report to Congress …
August 24, 2026
August 24, 2026 • 4-minute read
Client Alerts
Proposed Rules Broaden Texas Real Estate Foreign Ownership Restrictions
Texas Senate Bill 17 (“SB 17”), which became effective September 1, 2025, broadly restricts individuals domiciled in, and entities headquartered …
May 26, 2026
May 26, 2026 • 5-minute read
Client Alerts
IEEPA Refunds: Protesting Liquidated Entries in the Wake of CAPE Phase 1
On April 8, 2026, U.S. Customs and Border Protection (“CBP”) issued guidance on the Consolidated Administration and Processing of Entries …
April 17, 2026
April 17, 2026 • 3-minute read
Articles
Redefining Leadership Through Collaboration, Inclusion and Resilience
Randall Johnston reflects on her path to leading Vinson & Elkins’ National Security Reviews (CFIUS) practice, emphasizing a leadership approach …
March 11, 2026
March 11, 2026 • 1-minute read
CLE Events
Navigating the Overturning of IEEPA Tariffs: What Happens Next?
The Supreme Court of the United States (“SCOTUS”) has overturned the tariffs imposed by the Trump Administration under the International Emergency Economic Powers Act but did not decide on tariff refunds.
February 25, 2026
February 25, 2026 • 1-minute read
Articles
Trump’s Well-Stocked Tariff Toolkit Demands Importers’ Attention
Over the past year, the Trump administration’s reciprocal tariffs, imposed under the International Emergency Economic Powers Act, have absorbed media …
February 4, 2026 • Published by Bloomberg INDG, Bloomberg Law, February 4, 2026
February 4, 2026 • 1-minute read
Client Alerts
Last month saw notable developments in the Eleventh and Fifth Circuits regarding challenges to laws in Florida and Texas, respectively, that prohibit certain foreign nationals and companies from acquiring real property within those states.
December 1, 2025 • V&E CFIUS Update
December 1, 2025 • 9-minute read
