ONE Aviation Clears CFIUS Review for Acquisition by Citiking International US LLC
March 09, 2020
Washington, D.C. – Paul Hastings LLP, a leading global law firm, announced today that ONE Aviation, a U.S.-based aircraft manufacturer of very light jets, has obtained clearance from the Committee on Foreign Investment in the United States (CFIUS) for its 100% acquisition by Citiking International US LLC (Citiking), a Chinese-controlled investment company. Citiking will acquire ONE Aviation from Chapter 11 bankruptcy and will support its operations post-bankruptcy. Paul Hastings represented ONE Aviation in connection with the CFIUS process.
This clearance was the third CFIUS clearance in only a two-week period that Paul Hastings facilitated on behalf of its clients, two of which involved Chinese-owned acquirers.
The Paul Hastings CFIUS team was led by partners Scott Flicker and Robert Silvers, senior associate Randall Johnston, and associates Quinn Dang, Holly Flynn, and Surur Yonce. Flicker is Chair of both the Firm’s Washington, D.C. office and the Firm’s Trade Controls practice. Silvers is a former Assistant Secretary of Homeland Security and was directly involved in CFIUS’s most consequential decisions while serving during the Obama administration.
Paul Hastings is at the top of the market in providing CFIUS advice to clients at all stages of the CFIUS process—from providing practical advice on CFIUS risk and deal structure at the beginning stages of a transaction to negotiating for approval and mitigation agreements with the U.S. government for highly complex and sensitive deals.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.