Donald Trump Blocks Sale of US Tech Firm To A Chinese Company
By M. Grace, September 14, 2017 19:09 PM
The Trump administration reportedly barred the sale of a United States technology company to a Chinese-back company, citing national security risks.
According to a report by BBC on September 14, the Chinese-backed Canyon Bridge Capital Partners has been seeking approval since November 2016 for a $1.3 billion deal in order to buy Lattice Semiconductor.
Both the firms released statement saying they were disappointed about the decision.
This order came as United States has been strengthening its stand on dealing business with China. It can be recalled that US launched a formal review of the intellectual property practices of China, which reportedly says that US firms may need to surrender important information.
Politicians and military leaders in United States have encouraged the Trump administration to look at the Chinese investments in the country, particularly in the technology industry.
The Trump administration said that the "potential transfer" of intellectual property from Lattice was their concern as the company makes advanced computer chips. They also cited the use of Lattice products by the American government.
Lattice chief executive Darin Billerbeck said in a statement that the failed deal "was in the best interests of our shareholders, our customers, our employees and the United States".
Canyon Bridge, which was backed by China Venture Capital Fund also expressed their disappointment.
"We are obviously disappointed in today's decision by the President of the United States to forgo what we believe to be an excellent deal for Lattice's shareholders and its employees by expanding the opportunity to keep jobs in America," the company said in an emailed statement as cited by BBC.
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