What Once Was Old Is New Again: DOJ and FTC Issue Draft New Merger Guidelines

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On July 19, 2023, the Department of Justice (DOJ) and the Federal Trade Commission (FTC) issued a draft version of new Merger Guidelines (Merger Guidelines), which would replace the 2010 Horizontal Merger Guidelines and the 2020 Vertical Merger Guidelines (the latter were rescinded by the FTC in September 2021). The Merger Guidelines explain how the current DOJ and FTC review mergers and acquisitions to determine compliance with federal antitrust laws, in particular Section 7 of the Clayton Act. They are “designed to help the public, business community, practitioners, and courts understand the factors and frameworks the Agencies consider when investigating mergers” in the modern economy.