Foreign Investment
Control
FDI: anticipating screening to secure your transaction
For sovereignty and national security reasons, foreign direct investments are subject to enhanced control in sensitive sectors such as defense, critical infrastructure, energy, telecommunications, healthcare, digital technologies, and dual-use goods.
Each transaction must undergo an assessment that may determine its outcome. Anticipating screening criteria, identifying sensitive activities, and determining notification obligations are essential prerequisites for any strategic operation.
We have in-depth expertise in the French and European FDI screening regimes. Our experience with the review process allows us to quickly assess whether the regime applies, prepare notifications with precision, negotiate required commitments, and ensure post-authorization compliance.
We assist both targets and investors from the initial assessment of screening requirements through to closing.
our Interventions
Qualifying a transaction before initiating the regulatory process helps prevent delays and roadblocks. We determine whether the investment falls within the scope of the FDI screening regime by analyzing the investor’s nationality, the legal nature of the transaction, and the sensitivity of the target’s activities.
This initial qualification guides the notification strategy, identifies areas of concern, and prepares the information to be submitted to the authorities. Each assessment is tailored to anticipate the ministry’s expectations and expedite the review process.
The first review phase determines whether the transaction can be authorized directly or whether a more in-depth examination is required. We prepare notifications to maximize the likelihood of swift authorization, including a clear presentation of the project, its economic rationale, and the identification of sovereignty-related issues.
The authorities may authorize the transaction without conditions, confirm that the regime does not apply, or initiate a second-phase review. We anticipate these potential outcomes to refine our arguments in real time and avoid requests for additional information.
This in-depth review phase may result in conditional authorization or, in rare cases, refusal. We structure the commitments expected by the State, including maintaining strategic activities within the territory, protecting sensitive information, and limiting technology transfers.
Each commitment is drafted to address sovereignty concerns without undermining the operational viability of the project. Conditional authorization then becomes a controlled and secure framework for development.
Contact Us
our References
Public Institution – Strategic Transaction
Advised a French public agency on the acquisition of a provider of submarine telecommunications solutions, a key transaction for France’s industrial sovereignty, including merger control analysis and a multi-jurisdictional assessment of filing requirements.
US technology company – Cryptographic solutions acquisition
Advised a US technology company in the acquisition of a French company specializing in cryptographic solutions of strategic interest to the French Ministry of Defense, including extensive negotiations with the FDI Bureau, multiple ministerial departments, and EU Commission services to secure authorization for this sensitive transaction.
Canadian Energy Company – Major Acquisition
Advised a Canadian energy company on the preparation and filing of a foreign investment authorization application in connection with the acquisition of a French company for several billion euros.
our Distinctions
-
(01)Chambers and Partners
2026 – Global
Foreign Investment
FAQ
Answer