Congress Enacts Major Overhaul to HSR Filing Fees for M&A Deals

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On December 29, 2022, President Biden signed into law The Consolidated Appropriations Act of 2023 (also known as The Omnibus Appropriations Bill), which includes the Merger Filing Fee Modernization Act. The Merger Filing Fee Modernization Act, which marks the most significant change to HSR filing fees in over twenty years, increases the HSR filing fees for many larger transactions, with the highest filing fee reaching $2.25 million for any transaction valued at $5 billion or more. The increase in fees is expected to significantly bolster the resources of the Federal Trade Commission and the U.S. Department of Justice to investigate and pursue alleged violations of the federal antitrust laws.