July 17, 2026|Borderline: Immigration and Foreign Direct Investment
By: Kripa Upadhyay and Akana K.J. Ma
Published in M&A Journal, June 2026
In cross-border M&A, national security review has moved from a closing formality toopening fi lter. Foreign investors who treat it otherwise are playing an increasinglyexpensive game.
Most acquisition processes follow a predictable sequence. Financial models get built. Management teams get interviewed. Legal teams negotiate representations and warranties. Somewhere after all of that, typically as the deal nears the finish line, someone asks whether the Committee on Foreign Investment in the United States might have something to say about it.
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