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Assessment of National Security Concerns in the Acquisition of U.S. and U.K. Assets

Ioannis Kokkoris discusses the national security statutory framework and regulatory regimes governing mergers and acquisitions of domestic assets by foreign acquirers in the United States and United Kingdom, contrasting enforcement records and providing criticisms of the two.

By placing restrictions on certain types of transactions and outlining clear procedural rules for entities under review, the United States and United Kingdom provide clarity to both the investment and legal communities on their approach to reviewing transactions in the telecommunications, food, financial, defense, and technology industries, among others, that trigger national security concerns.

However, Kokkoris concludes that in the United States, despite CFIUS’s increased powers, the lack of transparency surrounding its reasoning in the review process creates an uncomfortable unpredictability for dealing parties, which would benefit from more detailed rationales.

Lead Author

Ioannis Kokkoris
Professor of Competition Law and Economics, Queen Mary University London.
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