Sidley Austin and Simpson Thacher & Bartlett’s work advising on a $103 million deal has come to naught because the Committee on Foreign Investment in the United States (CFIUS) will not allow Chinese conglomerate HNA Group to invest in U.S. in-flight entertainment service provider Global Eagle Entertainment Inc.
Los Angeles-based Global Eagle announced on Tuesday in a regulatory filing that the proposed $103 million investment by HNA affiliate Beijing Shareco Technologies Co. Ltd. has been terminated because the deal failed to win approval from CFIUS.
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