FTC And DOJ Release Draft Updates To Horizontal And Vertical Merger Guidelines

On July 18, 2023, the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) released draft updates to their merger guidelines that reflect considerable shifts in how the DOJ and FTC review horizontal and vertical mergers. Although Attorney General Merrick B. Garland heralded the updated merger guidelines as "respond[ing] to modern market realities," they are also in line with shifting enforcement priorities at the DOJ and FTC under President Biden.

The merger guidelines outline the framework the agencies apply when evaluating the competitive impact of mergers and acquisitions. Although not legally binding, these guidelines are a critical component in the merger enforcement process. Antitrust practitioners refer to them when advising clients, and courts regularly cite them in their opinions of merger enforcement cases. First released in 1968, the horizontal merger guidelines were last revised in 2010. The vertical merger guidelines were last