On December 18, 2023, the Federal Trade Commission and U.S. Department of Justice (the “Agencies”) jointly released new Merger Guidelines (the “Guidelines”), setting forth the analytical framework the Agencies will use to review proposed mergers and acquisitions. The Guidelines combine and replace the existing 2010 Horizontal Merger Guidelines and 2020 Vertical Merger Guidelines in one document. The Guidelines signal a move from the existing consumer welfare standard, with changes intended to address “modern market realities,” including competition for labor, serial acquisitions, and competition within and among platforms.
The Guidelines include key concepts that the Agencies consider, highlighted below:.. Read more
