Companies Update CFIUS Notifications
Several companies recently updated the status of their ongoing reviews with the Committee on Foreign Investment in the U.S. One of the companies, Swiss renewable energy company Viston United Swiss, was notified that CFIUS officially began its 45-day notice review period into its planned acquisition of California-based Petroteq Energy, an oil production and technology company (see 2204200015). The two companies had filed the notice to CFIUS May 16 and were told the review period started May 24, Viston said in a document filed with the SEC.
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CFIUS said it plans to conclude its review no later than July 7. The two companies will extend their transaction date past July 7 to allow for more time to obtain clearance “under U.S. national security regulations, which is a condition to the Offer,” Viston said.
Another company, Swedish telecommunications firm Ericsson, also is awaiting approval from the Committee on Foreign Investment in the U.S. for its acquisition of American telecom company Vonage, according to a recent SEC filing. The two companies extended the timeline for the transaction for another three months to Aug. 22 to secure CFIUS clearance. An Ericsson spokesperson said last month it hoped to complete the deal during the second quarter of this year (see 2205180008).