David Fagan co-chairs the firm’s top ranked practice on cross-border investment and national security matters, including reviews conducted by the Committee on Foreign Investment in the United States (CFIUS), and also leads the firm’s cyber and data security incident response practice. Mr. Fagan is rated by Chambers USA and Chambers Global for his leading expertise in CFIUS matters and privacy and data security, and received Law 360’s MVP for International Trade in 2014.
On investment and national security issues, Mr. Fagan has represented foreign and domestic clients in various industries (including defense, software, information technology, telecommunications, energy, aviation, space, maritime transportation, ports, and biotechnology/pharmaceuticals) in securing the approval of CFIUS, as well as in connection with ongoing compliance matters related to mitigation agreements with CFIUS. Mr. Fagan has particular expertise in transactions involving investments from or acquisitions by Chinese companies, and he and the Covington team have successfully handled most of the leading transactions from China, including IBM-Lenovo, CIC-AES, CNOOC-Chesapeake Energy, CNOOC-Nexen, and Wanxiang-A123 Systems. He has also testified before a congressional commission regarding US national security, trade and investment matters with China.
Mr. Fagan also frequently handles matters related to the mitigation of foreign ownership, control or influence (FOCI) under applicable national industrial security regulations.
Representative Matters - Significant Chinese Transactions
- Align Aerospace - Acquisition by Aviation Industry Corporation of China.
- Atlantic Yards Development Company - Joint Venture with Shanghai Greenland Group.
- China Investment Corporation - Investment in AES Corp.
- China National Chemical Corporation (ChemChina) - Acquisition of Pirelli.
- China National Offshore Oil Corporation Ltd. - Separate investments in Eagle Ford and Niobrara shale properties held by Chesapeake Energy.
- Enstrom Helicopter Corporation - Acquisition by Chongqing Helicopter Investment Co., Ltd.
- Dana Corporation - Sale of fluid products business to Wanxiang Holdings Corp.
- Datascope Corporation - Sale of business unit to Mindray Medical Instruments of China.
- Hong Kong Aircraft Engineering Corporation - Acquisition of TIMCO Aviation Services, Inc.
- IBM - Sale of Personal Computers Division to Lenovo.
- Lenovo - Various matters, including acquisition of x86 server business from IBM.
- Nexen - Acquisition by China National Offshore Oil Corporation Ltd.
- Pioneer Natural Resource - Investment by Sinochem Corporation in Wolfcamp shale assets.
- Wanxiang America - Separate transactions involving the acquisition of certain assets of A123 Systems, Inc., and sale of Energy Solutions Business of A123 Systems to NEC Corp.
- CFIUS approval for a Chinese SOE acquisition of a U.S. auto parts company.
Representative Matters - Other Significant Transactions
- GLOBALFOUNDRIES - Acquisition of IBM Microelectronics Division.
- American Express - Joint venture for Global Business Travel with fund comprising multiple foreign investors
- AOL - sale of ICQ instant messaging business to Mail.ru
- British Telecommunications - multiple acquisitions, including Infonet, Counterpane Internet Security, and Comsat International
- BAE Systems, Inc. - multiple acquisitions, including Armor Holdings, MTC Technologies, Atlantic Marine, and the Intelligence Services Group of L-1 Identity Solutions.
- Carlyle Group - multiple transactions, including sale of Landmark and Standard Aero to Dubai Aerospace Enterprise
- Elbit Systems - multiple acquisitions, including Tadiran Communications and M-7 Aerospace
- Mubadala Development Company - Investment in Advanced Micro Devices
- Sapient Corp and Publicis Groupe - Acquisition of Sapient by Publicis
- SingTel - Acquisition of Trustwave
- Statoil - acquisition of Brigham Exploration
- Virgin Galactic - investment by Aabar Investments
- Law360, International Trade MVP (2014)
- Chambers USA - America's Leading Business Lawyers, Privacy & Data Security (2009-2015) and International Trade: CFIUS Expert (2010-2015)
- Chambers Global, International Trade - CFIUS Experts (US) and Privacy & Data Security (US) (2012-2015)
- Legal 500 US, Recognized for Technology - Data Protection and Privacy (2010-2015), Cyber Crime (2015), and Litigation - International Trade (2013-2014)
- Washington DC Super Lawyers, "Rising Star" (2013-2015)
- Washingtonian, National Security "Top Lawyer" (2013, 2015), Cybersecurity (2015)
- Law360, Rising Star - International Trade (2010)