News & Analysis as of

Merger Controls Private Equity Firms

A&O Shearman

Private equity and serial acquisitions continue to feel the antitrust heat

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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

Goodwin

Navigating the Shifting Landscape of PE-Led M&A: Strategies for Sellers in 2025

Goodwin on

The past two years have been a challenging period for private equity, with higher interest rates, subdued economic growth and political uncertainty all serving to suppress deal flow. However, as inflation continues to ease...more

A&O Shearman

National Security Division Announces New Self-Disclosure Policy in M&A Transactions

A&O Shearman on

The National Security Division (NSD) of the Department of Justice announced a new self-disclosure policy on March 7, 2024 (M&A Policy) that impacts corporations, private equity firms, and venture capital firms and their...more

A&O Shearman

Antitrust scrutiny of private equity deals intensifies

A&O Shearman on

Traditionally, private equity firms were seen as benign investors from an antitrust perspective. This is changing. In the past 12 months, PE-funded acquisitions have faced progressively more rigorous scrutiny by antitrust...more

Sheppard Mullin Richter & Hampton LLP

Mergers & Acquisitions Update: A Closer Look at the Impact of the FTC and DOJ’s Proposed HSR Act Filing Reform on Private Equity...

On June 27, 2023, the FTC and DOJ (together the “Agencies”) announced a notice of proposed rulemaking (“NPRM”) proposing extensive revisions to both the rules that implement the Hart-Scott-Rodino Antitrust Improvements Act...more

Jones Day

UK Takeover Panel's Code Committee Proposes Changes to Treatment of Offer Conditions and Offer Timetable

Jones Day on

The Code Committee ("Code Committee") of the UK Takeover Panel ("Panel") has published a consultation paper proposing a number of amendments to the City Code on Takeovers and Mergers ("Code") which, if adopted, will mark a...more

Latham & Watkins LLP

No-Poach Prosecutions: A Growing Problem for Private Equity?

Latham & Watkins LLP on

Buyout firms and portfolio companies should take note of heightened scrutiny of HR and employment practices by antitrust enforcers, both in the US and in Europe. No-poach and wage-fixing agreements — arrangements between...more

Latham & Watkins LLP

Buy and Build Strategy Increases Antitrust Risk for Private Equity

Latham & Watkins LLP on

Private equity firms have sought a greater number of buy and build opportunities in recent years, amid high valuations and competition for primary deals. In our view such deals carry higher antitrust risks and warrant careful...more

Latham & Watkins LLP

PE Set To Benefit From More Outward Looking Chinese Buyers

Latham & Watkins LLP on

In recent years, Chinese companies have become increasingly bold in the search for new deals, looking beyond the country’s borders for transformational takeovers. This year already, we have seen PEViews China chartthe largest...more

Latham & Watkins LLP

CMA Taking Increasingly Intrusive Approach To Monitoring UK Deals

Latham & Watkins LLP on

Since its launch in April 2014, the Competition and Markets Authority (CMA) has played a crucial role in determining the outcome of some of the UK’s headline deals. Last year alone, the CMA scrutinised over 60 deals including...more

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