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David Fagan, Covington & Burling and Chris Griner, Stroock

The Covid-19 pandemic is slowing down national security reviews of foreign investment deals in the United States, lawyers say.

While mergers and acquisitions in general were declining as the novel coronavirus spread across the globe, the Committee on Foreign Investment in the United States (CFIUS) at the U.S. Treasury Department, which reviews transactions for national security concerns, is also being affected by the new working conditions. “It is not that CFIUS is closed, but there is an impact on CFIUS too, and you have to factor that into your planning,” says David Fagan, co-chair of the firm’s cross-border investment and national security practice at Covington & Burling in Washington, D.C.

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