Third CFIUS Clearance of Significant Chinese Acquisition in Past Year
Citiking International US LLC (Citiking), a Chinese-controlled investment fund, has received clearance from the Committee on Foreign Investment in the United States (CFIUS) for the acquisition of ONE Aviation (the company). Citiking’s acquisition will rescue the company from Chapter 11 bankruptcy and ensure its continued operations. ONE Aviation is based in Albuquerque, New Mexico and is known for its very light jets. Wilson Sonsini Goodrich & Rosati represented Citiking in connection with the CFIUS process.
Supporting CFIUS’ oft-repeated statement that there is no per se bar on Chinese investments or acquisitions, this is the third significant CFIUS clearance involving a Chinese buyer that Wilson Sonsini has facilitated in the past 12 months. Both prior transactions were in excess of $500 million each and involved acquisitions of companies in industries that CFIUS has designated as sensitive (previously known as pilot program industries).
Wilson Sonsini’s CFIUS team typically provides advice on several dozen transactions each week and has more than 30 years of CFIUS experience, including government service on CFIUS and in related national security positions; team members have been recognized among the top CFIUS practitioners by Chambers Global, Chambers USA, The Legal 500, DCA/Live/Bisnow, and The Washingtonian.
For more information about how Wilson Sonsini can assist with international investment, please contact Stephen Heifetz, Joshua Gruenspecht, or any member of the firm’s CFIUS practice.