Steve Klemencic
Managing Director

CFIUS Advisory; Transactional, Corporate, & Supply Chain Due Diligence

Steve Klemencic is a Managing Director at Ankura with extensive experience in evaluating, assessing, auditing, and monitoring foreign mergers, acquisitions, and other investment transactions in the United States that may impact US national security. Steve has worked closely with the Committee on Foreign Investment in the United States (CFIUS) and supported both law firms and transactional parties in all stages of the CFIUS review process. Steve personally has served as the compliance auditor on several transactions, and provided expert advice on national security issues to US and foreign parties in their transaction planning. Additionally, he developed a supply chain integrity assessment, and provided cyber threat actor profile assessments to companies in the technology and health care sectors. As a senior analyst at the National Intelligence Council, he developed and implemented the threat assessment review process that is currently used to assess security risks that may be posed by foreign parties to transaction notification to the CFIUS. Steve served 21 years in the US Navy, retiring as a Commander. He is based in Washington, DC.

  • Experience

    Steve’s professional experience includes:

    • Served as the US government-approved compliance auditor for a Fortune 50 US technology company following the multibillion dollar sale of one of its large business units to a foreign acquirer.
    • Led a multidisciplinary team of forensic technologists and data analysts, while serving as the US government approved CFIUS compliance auditor, in planning and conducting the first and only US CFIUS compliance audit of a Chinese company in China.
    • Led a multidisciplinary team in providing a US financial services company and its CFIUS counsel with technical support feasibility assessments in the development of a CFIUS mitigation plan to help a multibillion dollar transaction gain CFIUS clearance.
    • Advised a foreign acquirer’s corporate leadership of details of the CFIUS process as well as various CFIUS considerations of the US government to assist them in the timing and structure of the deal in the pre-transaction phase of their CFIUS filing in their effort to acquire a US infrastructure company.
    • Advised a foreign buyer’s corporate leadership on the CFIUS process and potential US Government concerns as it related to an acquisition of a US aerospace services provider.
    • Assessed business and security threats to a US industrial company resulting from the joint venture with a foreign partner and the foreign hosting of the joint venture, including concerns around technology transfer requirements, intellectual property theft, and state security requirements.
    • Assessed various potential threat actor profiles, including motivation, threat vector, target vulnerabilities, and potential consequences for a national healthcare provider that was planning to upgrade its cybersecurity systems.
    • Developed and implemented the assessment process for US intelligence community review of foreign acquirers entering into a CFIUS transaction. The effort encompassed all 16 US intelligence organizations and provided a structured, methodical process to assess foreign buyers to identify potential threats to US national security.
    • Assessed various potential threat actor profiles, including motivation, threat vector, target vulnerabilities, and potential consequences for a national healthcare provider that was planning to upgrade its cybersecurity systems.
    • Led a team of due diligence experts in deconstructing a US government acquisition program’s supply chain and assessing threats and vulnerabilities associated with each entity identified in the supply chain.

  • News & events
    • 2018 M&A Advisor Global Growth Summit, 6/18/2018, Panel: “Border Control – Selective Globalization and Transitional Deal-Making,” New York, NY
    • M&A Advisory’s 2018 Corporate Growth Summit, 4/25/2018, Panel: “The Future of Finance,” London, England
    • Steve Klemencic Joins Ankura As Managing Director, 3/28/2018, Ankura News
    • CICC Investment Forum (US), 10/12/2017, Panel: “A PE & VC Perspective,” San Francisco, CA, with Dr. The Kok Peng, Naiel Carroll, Wei Ding, John Wadsworth
    • Webinar, 09/26/2017, “How to manage your deals now in the USA as a global investor,” New York, NY, with Mike Burak
    • M&A Advisor International Financial Forum, 06/12-13/2017, Panel: “Stalwarts Roundtable: Cross Border M&A – Pushing New Boundaries,” New York, NY, with Sonali Basak, Anthony F. Caporrino, Michele Marocchino, J. Andrew Robison, Joseph L. Alioto
    • British American Business 100 Days Breakfast Briefing, 05/04/2017, panel: “Current Political Climate in the US Administration,” London, England with Lucy O’Carroll, Iain Anderson, Jeremy Cape, Dr. Walter Boettcher, John Simmons
    • Beijing Foreign Studies University Law School, 04/11/2017, Lecture: “CFIUS and US National Security,” Beijing
    • Global M&A Conference, 2/14/2017, “Foreign Investment Controls,” London, England
    • Wharton China Business Forum, 02/04/2017, panel: “Mergers & Acquisitions: Crossing the Border,” Philadelphia, PA, with Seamus Jiang, Leonard Goldberg, Tingting Qi
    • Life Sciences and Healthcare Forum, 11/13/2016, “The CFIUS Review Process and the National Security Threat Assessment,” New York, NY
    • M&A Advisor Financial Summit, 11/20/2016, Panel: “Issues in Cross Border M&A,” New York, NY
    • Lecture, Beijing Foreign Studies University Law School, 08/22/2016, “CFIUS and US National Security,” Beijing
    • Beijing Bar Association, 08/21/2016, “CFIUS and US National Security,” Beijing
    • AsiaLaw Asia-pacific In-House Counsel Summit 2016, 05/26/2016, panel: “China’s Anti-Corruption Campaign: A Legal Perspective,” Hong Kong, with Michael Harrington, Johnny Cheung, Kapil Kirpalani, Andy Meehan
    • ABA Asia Forum, 11/16-17/2015, Panel: “Going to the Americas: Outbound Investment and What It Takes to Be Successful,” Beijing, with Selig Sacks, Janet Hui, Ernesto Velarde, George Cheng, Sandy Walker
  • Insights & innovation
    • “New Deal Frontier: Road Bump or Full Stop? What the Blocked Lattice Acquisition Means for Other China-US deals,” blog post, 09/22/2017, with Curt Moldenhauer
    • “US Lawmakers Want More Scrutiny of Foreign Investments, Recognizing Today’s Diversity of Deal Structures,” blog post, 01/17/2018, with Curt Moldenhauer