Last month, the Department of Justice Antitrust Division (“DOJ”) and the Federal Trade Commission (“FTC”) (collectively, the “Agencies”) released the 2023 Merger Guidelines (the “Guidelines”). The Guidelines are the latest iteration of a guidance document published by the Agencies since 1968, which has been revised numerous times over the years. The Guidelines replace the 2010 Horizontal Merger Guidelines and the 2020 Vertical Merger Guidelines, the latter of which had been previously withdrawn by the FTC.