Kaye Scholer's National Security Group Wins Approval for $5.2 Billion Acquisition
October 21, 2008
Kaye Scholer's National Security/CFIUS Group has obtained approval from the Committee on Foreign Investment in the United States (CFIUS) for Finmeccanica S.p.A. to proceed with its $5.2 billion acquisition of DRS Technologies, Inc. Finmeccanica, which is partially owned by the Italian government, is the main Italian industrial group operating globally in the aerospace, defense and security sectors, employing more than 60,000 people and generating revenues of more than $18 billion. DRS is a leading U.S. defense contractor serving the U.S. military, major aerospace and defense prime contractors, the intelligence community, international military forces and industrial markets.
Due to the extremely sensitive nature of DRS's work, CFIUS clearance hinged upon the Department of Defense's approving a plan to mitigate Finmeccanica’s foreign ownership, control or influence (FOCI). The Kaye Scholer team engaged in months of high-level negotiations with the U.S. government and between Finmeccanica and DRS to reach terms that would receive regulatory approvals from CFIUS and the Department of Defense and that were acceptable to the parties. Kaye Scholer was brought into the negotiations when Finmeccanica realized that in order complete the acquisition, they would require the unparalleled experience and vast capabilities of the Kaye Scholer team, which has the most successful track record in the industry for both CFIUS approval and FOCI mitigation arrangements.
The Kaye Scholer team, led by G. Christopher Griner and Farhad Jalinous (both Partners, National Security/CFIUS, Washington Office), included Christopher R. Brewster (Counsel, National Security/CFIUS, Washington Office) and Karalyn D. Meany (National Security/CFIUS, Washington Office), as well as Norman Pashoian (Security Analyst, Washington Office).
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