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KEMET Provides Update on CFIUS Review Process
KEMET Corporation says that the Committee on Foreign Investment in the United States (CFIUS) has notified the company by letter dated March 9, 2020, that it will continue its evaluation of the previously announced acquisition of KEMET by Yageo Corporation with a 45-day investigation period.
This investigation period, which KEMET and Yageo expected, will be completed no later than April 23, 2020. KEMET and Yageo continue to work cooperatively with CFIUS throughout the process. The CFIUS process is confidential, and the companies do not intend to comment further on that process while it is ongoing.
At the same time KEMET announces that the Mexican Competition Authority has authorised the acquisition. The parties continue to expect the transaction to close in the second half of 2020, subject to additional customary closing conditions and the receipt of the remaining required regulatory approvals, which include approvals under the antitrust laws in China and Taiwan, as well as approval from the Investment Commission, Ministry of Economic Affairs in Taiwan.
