Draft Revised Merger Guidelines: Key Changes And Early Takeaways

On 30 April 2026, almost a year after the launch of its public consultation, the European Commission (Commission) published its eagerly awaited revised draft Merger Guidelines (Draft Guidelines). The draft text, just shy of 100 pages, sets forth the analytical framework for the assessment of both horizontal and non-horizontal mergers. 

Background and Context

The current Horizontal Merger Guidelines and Non-Horizontal Merger Guidelines were adopted in 2004 and 2008, respectively. Since then, the decisional practice of the Commission has evolved significantly, which has in part been guided by the oversight of the EU courts. It follows that a revamp of the core substantive assessment guidance has been long overdue. The Commission has also been galvanised into action by demands that its policies need to be adapted to the profound economic, technological, and geopolitical shifts. This is reflected in the Draghi Report, a bedrock of the policy priorities of the Ursula von der Leyen-led