Travers Smith's Alternative Insights: UK Competition Law

A regular briefing for the alternative asset management industry.

When the President of Microsoft says that the EU is now "a more attractive place to start a business" than the UK, British entrepreneurs might wonder what went wrong with the UK's post-Brexit regulatory strategy. They might also have been concerned to hear last week's announcement that the government is about to give the UK's anti-trust regulator even more powers.

Brad Smith's comments - a reaction to the UK competition authority's decision to block Microsoft's acquisition of Activision, a leading publisher of video games - drew a swift and sharp rebuttal from the UK government. And of course, Microsoft - which says it is planning to appeal the decision - has an interest in piling on the pressure. But it is certainly true that regulators in Britain have become increasingly important in the M&A market - and their reach extends well into private markets as well as public ones.