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This article is from the FAQ, by with numerous contributions by others.

37 If my company is bought by another company is my H-1B visa still valid?

According to INS, if the successor company undertakes all rights,
liabilities, assets and privileges of the previous employer - the H
visas are valid even after the takeover. In simple English, get an
opinion from a lawyer in writing. Otherwise, all H visa holders
could be out of status.

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