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Trump Administration Approves Chinese Takeover of US Firm For First Time

Trump Administration Approves Chinese Takeover of US Firm For First Time

Dou Shicong

Date: Thu, 01/18/2018 - 20:34 / source:Yicai
Trump Administration Approves Chinese Takeover of US Firm For First Time
Trump Administration Approves Chinese Takeover of US Firm For First Time

(Yicai Global) Jan. 18 -- Chinese electronic component manufacturer Naura Technology Group Co. has completed the USD15 million purchase of Akrion Systems LLC, marking the first time that US regulators have approved an acquisition by a Chinese enterprise since President Trump came to power.

Naura Technology [SHE:002371] will set up a US unit Naura Akrion Inc. to oversee Akrion Systems, which makes cleaning systems for the semiconductor sector.

Despite the relatively low deal value, the Committee on Foreign Investment in the United States still carried out an investigation. CFIUS will investigate any transactions that may threaten the national security risks, making it difficult for Chinese companies to purchase American assets, said Fang Xue, a partner at law firm Gibson Dunn & Crutcher LLP.

Already this year, CFIUS has vetoed the acquisition of US payment giant Moneygram International Inc. by Ant Financial Services Group, Alibaba’s fintech affiliate, citing national security issues. 

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Keywords: CFIUS, Naura Technology Group, Akrion Systems, CFIUS, ANT FINANCIAL, MoneyGram