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O’Melveny’s Representation of BGI-Shenzhen in Acquisition of Complete Genomics Receives CoverageMarch 19, 2013
O’Melveny & Myers LLP’s representation of leading international genomics organization BGI-Shenzhen (BGI) in its acquisition via all cash tender offer, followed by a short form merger, of Nasdaq-listed Complete Genomics (Complete) was featured in publications including The Recorder and PEHub.
"This is the first deal to show that [the Committee on Foreign Investment in the United States] is not a barrier to Chinese deals," O’Melveny partner Paul Scrivano, who was one of the partners leading the deal, told The Recorder. Scrivano also told the publication that buying companies in industries such as telecommunications, defense and high technology will still be "fraught with peril," but a majority of deals with get the go-ahead. According to The Recorder, Chinese acquirers will likely continue to face more CFIUS scrutiny than others, but this deal should give the green light to other companies in China. From the start, the BGI deal had a CFIUS clause stating that both sides could walk away if approval wasn't granted, Scrivano added.
In addition to Silicon Valley-based Scrivano, the O’Melveny team, which spanned several practice areas and offices throughout China and the United States, was led by Shanghai-based partner Wenseng “Wendy” Pan, with assistance from partners David Johnson in Hong Kong, Ted Kassinger and Jonathan Sallet in Washington, DC, John Kappos and Chris Del Rosso in Newport Beach, and Matthew Close in Los Angeles.