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ARTICLE · 02 JANUARY 2024

New Merger Guidelines Reflect Agencies' Aggressive Enforcement Stance

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On December 18, the Federal Trade Commission and the Department of Justice (together, "the Agencies") jointly issued their 2023 Merger Guidelines

United StatesAntitrust/Competition Law
William Stallings
William Stallings
Gail F. Levine
Gail F. Levine
Oral Pottinger
Oral Pottinger
Scott Perlman
Scott Perlman
Benjamin D. Snyder
Benjamin D. Snyder
Christopher Kelly
Christopher Kelly
Rachel J. Lamorte
Rachel J. Lamorte
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On December 18, the Federal Trade Commission and the Department of Justice (together, "the Agencies") jointly issued their 2023 Merger Guidelines,1 which describe the factors the Agencies consider when reviewing mergers and acquisitions. It follows a long practice of the Agencies issuing such guidance, with versions dating back to the 1980s.

The 2023 Guidelines reflect the analytical framework that the Agencies have been applying since the start of the Biden Administration. As such:

  • They provide greater transparency into the Agencies' thought processes, which companies and their counsel can use as they assess and allocate risk of an Agency investigation into potential deals.

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