Strategic advisory on sensitive transactions and foreign investments
RELIANS is a strategic advisory firm specialising in sensitive transactions and foreign investment control. It operates at the intersection of M&A, public decision-making, economic security and investment strategy.
Founded in 2002, RELIANS advises investors, industrial groups, investment funds, investment banks and law firms on transactions where regulatory, institutional or political constraints determine the feasibility, timing and execution of the deal.
Its knowledge of government bodies and decision-making processes, combined with its sector expertise and international networks, enables RELIANS to anticipate and manage State risk, particularly under French foreign investment control (FDI screening), EU screening and US CFIUS review.
RELIANS helps secure transactions, preserve asset value and structure deals that meet the requirements of sovereignty, national security and the protection of France’s essential national interests.
- Over 20 years of experience
- A dedicated senior team
- Support across the entire transaction lifecycle
- Expertise in IEF, FDI screening and CFIUS
- A sector-specific approach tailored to each transaction
- Independence, confidentiality and transparency
Our expertise to secure sensitive transactions
Securing sensitive transactions
Anticipate the regulatory, institutional and political constraints that determine the feasibility of a transaction involving a strategic asset.
FDI Screening Assessment France
Assess whether a transaction falls within the scope of foreign investment control and measure its impact on timing and value.
Lobbying for sensitive transactions
Prepare and lead the dialogue with the relevant government authorities, from informal outreach to monitoring clearance commitments.
Strategic due diligence for sensitive transactions
Identify the sovereign, institutional and reputational risks that legal, financial or tax due diligence does not reveal.
Cross-border transactions and foreign investment advisory
Support transactions subject to multiple screening regimes, from EU screening to US CFIUS review.
Strategic transactions conducted in sensitive environments
Nokia Corporation engaged RELIANS to provide strategic and institutional advice on the sale of Alcatel Submarine Networks, a global leader in submarine cable infrastructure, to the French State, represented by the French State Shareholding Agency (APE).
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Foreign investment control and sensitive transactions.
A transaction involving a strategic business, asset or technology may require prior authorisation in France (IEF) or be subject to screening mechanisms (FDI screening) in several jurisdictions. RELIANS steps in ahead of the transaction to assess whether it falls within scope, define the institutional strategy, prepare the dialogue with the authorities and anticipate any conditions that could affect the value or governance of the deal.
- Scope assessment
- State risk analysis
- Filing strategy
- Dialogue with the authorities
- Structuring of commitments
- Post-clearance monitoring
Sector expertise at the heart of strategic interests
Defence, security and dual-use technologies
RELIANS has in-depth knowledge of the French defence ecosystem: its institutions (the Ministry of the Armed Forces, the Armed Forces General Staff (EMA) and the Defence Procurement Agency (DGA)), its prime contractors and the French Defence Industrial and Technological Base (BITD).
The firm supports investors, manufacturers and strategic partners operating within the French Defence Industrial and Technological Base.
The firm advises on transactions involving defence systems, military or dual-use technologies and critical supply chains. It understands the specific constraints facing prime contractors, tier-1 and tier-2 subcontractors, and strategic mid-sized companies and SMEs.
Space and orbital infrastructure
RELIANS supports sensitive transactions in the space sector, taking into account their institutional, regulatory, industrial, technological and strategic dimensions.
RELIANS offers unique expertise, with an in-depth command of the institutional, regulatory, economic, technological and strategic challenges of the space sector.
In the space domain, RELIANS has recognised experience in Global Navigation Satellite Systems (GNSS), with a particular focus on Galileo and its secure applications.
This expertise notably covers Timing, an essential component of cryptology and secure data transmission, including in the banking sector.
Specialist in Franco-American relations and transatlantic transactions
RELIANS supports companies, investors and institutional players in their Franco-American transactions and projects. The firm is present in Paris and Washington, D.C., and understands each country’s institutional, regulatory and cultural mechanisms. This lets it anticipate the issues likely to affect the development and security of transatlantic activities.
- Operational presence in Paris and Washington, D.C.
- Command of the French and US institutional, regulatory and cultural environments.
- Leveraging institutional and business networks to facilitate transatlantic projects.
- Support in accessing the French and US markets.
- Anticipation and management of regulatory, institutional and sovereignty issues.
Securing transatlantic transactions and accelerating their institutional acceptance.
Why choose RELIANS ?
RELIANS is a recognised strategic partner in public affairs and in structuring complex transactions in sensitive sectors. We help our clients meet complex challenges with unique expertise and tailored services.
Institutional insight
Transactional expertise
Sector knowledge
International reach
A senior team dedicated to sensitive transactions
Founder and Managing Director – Strategic and institutional advisory
Foreign investment control – IEF, EU screening and CFIUS – Sensitive transactions – Institutional dialogue
Senior Advisor – Industrial strategy, defence and economic security
Mergers & acquisitions – Economic security – Aerospace, space and defence
Senior Advisor – International negotiations and public affairs
Franco-American relations – International negotiations – Public affairs
Consultations, publications and analysis
RELIANS regularly publishes on foreign investment control and economic security, and teaches these subjects in higher education.
- Book
⸻ France FDI Screening book—Legal and Strategic Framework Title: France FDI Screening:
- Pascal Dupeyrat
- Economic Security and Sovereignty
The Comprehensive Reassessment of French Economic Security: What It Means for Sensitive
- Pascal Dupeyrat
- Foreign Investment Screening in France
Parliamentary Conference of 10 June 2026: What Future for France FDI Screening?
- Pascal Dupeyrat
Frequently asked questions
What is a sensitive transaction?
A transaction is considered sensitive when it involves a company, business activity, technology, asset or infrastructure of particular importance for sovereignty, economic security, public order, public safety or national defence interests. Its completion may depend on regulatory approvals, specific commitments or whether public authorities accept the project.
When is an acquisition subject to foreign investment control in France?
An acquisition is subject to IEF control when three conditions are all met: the transaction is carried out by a foreign investor, it is an investment within the scope of the regime, and it concerns a French activity deemed sensitive.
Which sectors are covered by IEF control?
IEF control notably covers activities relating to defence and security, dual-use goods and technologies, energy, water, transport, electronic communications, public health, critical infrastructure, food security and critical raw materials. It also applies to certain critical technologies, such as cybersecurity, artificial intelligence, semiconductors, quantum technologies, robotics, energy storage and biotechnology. The analysis must still focus on what the target company actually does, not just its sector.
At what stage of a transaction should IEF risk be assessed?
IEF risk must be analysed as early as possible, ideally before a binding offer is submitted or the transaction documents are signed. This early planning makes it possible to assess whether the transaction is subject to authorisation, to factor regulatory deadlines into the timetable, to adapt the contractual documentation and to identify any commitments that may affect the governance, business or value of the target company. A transaction subject to authorisation must not be completed before the Minister for the Economy has made a decision.
How does RELIANS work alongside investors and their advisers?
RELIANS works alongside lawyers, investment banks and M&A advisers to provide a strategic, institutional and operational assessment of government-related risk. The firm can contribute to the scope assessment, strategic due diligence, defining the transaction narrative, preparing for discussions with government bodies, anticipating authorisation conditions and monitoring their implementation. This support aims to enhance the predictability, acceptability and certainty of the transaction’s execution.
RELIANS – get in touch with our team of experts
Does your transaction involve a strategic asset or a foreign investment authorisation? Speak confidentially with a RELIANS Senior Advisor.
