Antitrust law today is the subject of intense public and
political focus. Scrutiny of M&A activity in particular
continues to be an area of priority for federal antitrust
enforcers. 2022 saw robust deal activity, albeit at lower levels as
compared to prior years, some sources reporting that the M&A
market, although "still very active," has
"cooled" as compared to last year. In keeping with the
Biden Administration's focus on antitrust enforcement, DOJ and
FTC leadership were aggressive in scrutinizing and challenging a
number of high-profile transactions, in spite of mixed results in
court. These developments—both the challenges and the
ultimate court decisions—offer important insights for parties
to contemplate as they consider strategic transactions in 2023.