A decline in deal mortality rates in 2025 was met with an increase in conditional merger control approvals. Antitrust authorities showed greater flexibility on remedies, with some demonstrating more openness to behavioral...more
3/2/2026
/ Acquisitions ,
Antitrust Division ,
Antitrust Provisions ,
CFIUS ,
Competition ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
Enforcement Actions ,
European Merger Control Regulation ,
Foreign Subsidies ,
Healthcare ,
Life Sciences ,
Merger Controls ,
Mergers ,
National Security ,
Private Equity ,
Supply Chain
Tech sector M&A remains in focus, although a more permissive merger control environment is leading to fewer frustrated deals and more conditional clearances. Transactions impacting areas of direct consumer spend (or...more
Merger remedies have bounced back. Less aggressive merger control enforcement means authorities are more willing to remedy antitrust concerns with conditions rather than challenging or blocking deals. Increasingly creative...more
The Foreign Subsidies Regulation (FSR) is now in its third year of operation. Intervention in M&A has so far been limited to a relatively small number of deals. But notification thresholds are easily met and navigating the...more
2/27/2026
/ Acquisition Agreements ,
Antitrust Provisions ,
Cross-Border Transactions ,
EU ,
European Commission ,
Foreign Direct Investment ,
Foreign Subsidies ,
Merger Agreements ,
Merger Controls ,
Popular ,
Private Equity Firms ,
Regulatory Burden ,
Reporting Requirements
Scrutinizing potentially anticompetitive transactions that do not meet merger control filing thresholds remains a high priority for many antitrust authorities, particularly in China and the EU. This continues to inject...more
2/27/2026
/ Acquisition Agreements ,
Antitrust Investigations ,
Antitrust Provisions ,
China ,
Competition Authorities ,
Corporate Sales Transactions ,
Cross-Border Transactions ,
Enforcement Actions ,
EU ,
Merger Agreements ,
Merger Controls ,
Merger Reviews ,
Popular ,
Risk Assessment ,
State Administration for Market Regulation (SAMR)
Allocation of merger control execution risk in transaction documents is front of mind for merging parties. The stakes are high where regulatory outcomes are unknown or hard to predict. But the emergence of a more permissive...more
2025 marked the start of a major transition for global merger control enforcement. Influenced by political agendas pushing for economic growth, investment, and innovation, antitrust authorities in key jurisdictions adopted a...more
2/26/2026
/ Acquisition Agreements ,
Antitrust Division ,
Antitrust Investigations ,
Antitrust Provisions ,
Competition ,
Competition Authorities ,
Corporate Sales Transactions ,
European Commission ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Agreements ,
Merger Controls ,
UK Competition and Markets Authority (CMA)
Fines for breach of procedural merger control rules surged in 2025. Once again, the U.S. led the charge, imposing record penalties. In China, geopolitical factors played a role in some infringement investigations. Overall,...more
2/26/2026
/ Antitrust Provisions ,
Antitrust Violations ,
China ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Gun-Jumping ,
Hart-Scott-Rodino Act ,
Merger Agreements ,
Merger Controls ,
Popular ,
Premerger Notifications ,
Sanctions ,
State Administration for Market Regulation (SAMR)
From January 1, 2026, it is mandatory for businesses to notify acquisitions that meet certain thresholds and must wait for approval from the Australian Competition and Consumer Commission (ACCC) before they can proceed. In...more
Transition to Australia’s new merger control regime began on July 1, 2025, and merger parties are now able to notify voluntarily under the new regime. Mandatory approval of transactions that meet notification thresholds will...more
Now out: our latest global trends in merger control enforcement report -
In this tenth edition of our annual report, we analyze data for 2024 from 26 jurisdictions to reveal the latest trends in global merger control and...more
3/6/2025
/ Acquisitions ,
Antitrust Provisions ,
Competition ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
Federal Trade Commission (FTC) ,
Foreign Investment ,
Merger Controls ,
Mergers ,
Private Equity ,
Regulatory Authority ,
UK
Sanctions for procedural merger control infringements in 2024 did not meet the lofty heights of previous years. But merging parties should not be complacent. The number of infringement decisions increased. The U.S. and China...more
The transaction notification regime under the EU Foreign Subsidies Regulation (FSR) is now over a year old. To date, intervention levels are low. But assessing whether a filing is required, and gathering the extensive...more
Regulatory intervention levels are rising. The concerns of antitrust authorities and foreign investment (FDI) regulators are evolving and can be unpredictable. Allocation of merger control execution risk in deal documents...more
3/5/2025
/ Antitrust Division ,
Antitrust Provisions ,
Competition ,
Department of Justice (DOJ) ,
European Commission ,
Foreign Direct Investment ,
Foreign Investment ,
Merger Controls ,
Mergers ,
Regulatory Requirements ,
Risk Management ,
Sellers
Speeding up review periods remained a priority for antitrust authorities outside the U.S. They did this through formal rule changes or adjustments in practice. But the increasing complexity of the issues raised by some deals,...more
Tech sector deals are seeing rising mortality rates. AI partnerships are moving up the authorities’ agenda for scrutiny and enforcement. Overall, however, antitrust intervention in 2024 once again focused on transport, energy...more
2/28/2025
/ Antitrust Division ,
Antitrust Provisions ,
Artificial Intelligence ,
Competition ,
Energy Sector ,
Enforcement Actions ,
European Commission ,
Federal Trade Commission (FTC) ,
Mergers ,
Regulatory Agenda ,
Technology Sector ,
UK
Antitrust authorities continue to make use of powers to scrutinize deals falling below merger control filing thresholds. Many that don’t have that ability, want it. The European Commission (EC) remains the frontrunner in...more
Antitrust authorities killed more deals in 2024, marking a third year of rising mortality levels. Where prohibition was on the cards, many dealmakers abandoned their transactions rather than staying the course. The U.S....more
Private equity acquisitions—notably roll-up strategies—continued to face antitrust scrutiny in 2024. As did serial acquisitions by non-PE acquirers. Headwinds were particularly strong in the U.S., but breezes from other...more
2/27/2025
/ Antitrust Provisions ,
Competition ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Controls ,
Mergers ,
Popular ,
Private Equity ,
Private Equity Firms ,
Regulatory Agenda
The number of deals cleared with conditions fell sharply in 2024. Many antitrust authorities remained skeptical of whether merger remedies can effectively address antitrust concerns, choosing instead to challenge and...more
Merger control and foreign investment hurdles contributed to a challenging 2024 for M&A. 2025 looks more promising, with pro-business agendas and regulatory easing in key jurisdictions expected to fuel a surge in dealmaking...more
Australia will soon shift to a mandatory and suspensory merger control regime, with the transition commencing mid-2025. We provide below our key takeaways and observations on the bill which now has the support of both major...more
The Australian Treasury has released a paper to begin consultation on potential merger control reform. If implemented, the proposed reforms would transform Australia’s voluntary, non-suspensory merger control system – with...more
For a number of years the Australian Competition and Consumer Commission (ACCC) has advocated for amendments to the country’s merger control rules. The current regime is voluntary, and the ACCC cannot itself prohibit a...more
Navigating the international foreign direct investment (FDI) landscape is becoming ever more complex. In 2022 we saw a proliferation of new FDI regimes, a stream of revisions to existing rules and unprecedented levels of...more