Global trends in merger control enforcement
Antitrust authorities continued to disrupt M&A in 2023, frustrating more deals and stepping up scrutiny of digital and private equity transactions.
Our report reveals the latest trends in global merger control activity, analysing data from 26 jurisdictions.
We examine how antitrust authorities – particularly in the U.S., EU and UK – continue to take a tough approach to merger control enforcement. We consider the impact for M&A, including on transaction timetables and the allocation of execution risk. We explore the complexity created by new and expanding foreign investment regimes and the EU’s foreign subsidy review tool. We also look ahead to what dealmakers should watch out for in 2024.
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Tougher merger control enforcement frustrates more M&A
Antitrust authorities continue their aggressive approach and total deals prohibited or abandoned rose.
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Antitrust authorities remain unwilling to accept merger remedies
Many favour prohibition where a deal gives rise to serious antitrust concerns, creating a challenging environment for merging parties crafting remedy proposals.
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Digital M&A runs into antitrust hurdles with consumer, life sciences, transport and energy deals also targeted
Antitrust authorities make good on their promise to intervene in digital transactions as well as focusing enforcement in other key sectors.
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Private equity deals under increasing antitrust scrutiny
PE faces particular headwinds in the U.S., UK and EU with “roll-ups” under the microscope and authorities seeking more information on investments.
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Review of below-threshold mergers creates uncertainty
Even where filing thresholds are not met, merging parties must assess the risk of intervention.
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Record EU gun-jumping penalty contributes to surge in merger control fines
Sanctions soar as antitrust authorities continue to clamp down on procedural merger control infringements.
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Complex deals face longer merger review periods
Suspensions and extensions are frequently used at phase 2 but fast-track and simplified reviews speed up straightforward cases.
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Diverse foreign investment landscape presents challenges for dealmakers
Regimes continue to emerge, expand and strengthen with significant variations in intervention rates and timing.
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EU Foreign Subsidies Regulation increases M&A regulatory burden
New filing obligations increase administrative burden and could extend deal timetables or even halt transactions.
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Heightened risk of antitrust and foreign investment intervention met with robust deal provisions
Conditioning deals on approval is the norm, with heavy negotiations around remedy obligations and reverse break fees.
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