Foreign investment (FDI) screening regimes continued to present challenges for dealmakers. We saw tough intervention in key jurisdictions. New and expanding rules added to regulatory burden. Overall, most deals are cleared...more
2/28/2025
/ Acquisitions ,
Compliance ,
EU ,
Foreign Direct Investment ,
Global Market ,
Investment ,
Mergers ,
National Security ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
UK
Antitrust authorities killed more deals in 2024, marking a third year of rising mortality levels. Where prohibition was on the cards, many dealmakers abandoned their transactions rather than staying the course. The U.S....more
The number of deals cleared with conditions fell sharply in 2024. Many antitrust authorities remained skeptical of whether merger remedies can effectively address antitrust concerns, choosing instead to challenge and...more
This newsletter is a summary of the antitrust developments we think are most interesting to your business. David Higbee (Global Head of Antitrust) and Dominic Long (Global Deputy Head of Antitrust) are our editors this month....more
6/6/2024
/ Acquisitions ,
Antitrust Division ,
Antitrust Litigation ,
Antitrust Provisions ,
Australia ,
Competition Act ,
Compliance ,
Cross-Border Transactions ,
Digital Markets Strategy ,
EU ,
European Commission ,
French Competition Authority ,
Guidance Update ,
Healthcare ,
Investment ,
Mergers ,
No-Poaching ,
UK ,
UK Competition and Markets Authority (CMA)
The EU Foreign Subsidies Regulation (FSR) took effect in July 2023. It aims to regulate subsidies granted by non-EU countries to ensure that they do not distort competition in the EU internal market. For dealmakers, it is...more
2/29/2024
/ Acquisitions ,
Antitrust Division ,
EU ,
Filing Requirements ,
Foreign Subsidiaries ,
Foreign Subsidies ,
Hart-Scott-Rodino Act ,
International Trade ,
Investment ,
Investors ,
Mergers ,
Regulatory Agenda ,
Regulatory Requirements
Antitrust authorities continue to use powers to review deals that fall below merger control filing thresholds. For merging parties this means uncertainty. It is crucial that the possibility of review – including a...more
2/28/2024
/ Acquisitions ,
Anti-Competitive ,
Competition Authorities ,
EU ,
European Commission ,
European Court of Justice (ECJ) ,
Foreign Subsidiaries ,
Investment ,
Member State ,
Mergers ,
Private Equity Funds ,
Threshold Requirements
The EU is concerned about subsidies granted by non-EU countries to businesses active in the EU that could distort competition in EU markets.
The Foreign Subsidies Regulation (FSR) establishes a new suspensory notification...more
The EU is concerned about subsidies granted by non-EU countries to businesses active in the EU, that could distort competition in EU markets.
The Foreign Subsidies Regulation (FSR) establishes a new regime, enforced by the...more
The European Commission (EC) and the UK Competition and Markets Authority (CMA) have published new guidance on the assessment of cooperation between competitors. For the EU, this is contained in revised Guidelines on...more
9/13/2023
/ Acquisitions ,
Antitrust Provisions ,
Competition ,
EU ,
Horizontal Agreements ,
Information Sharing ,
Mergers ,
New Guidance ,
Regulatory Agenda ,
UK ,
UK Competition and Markets Authority (CMA)
To address concerns around the transparency and predictability of the National Security and Investment Act 2021 (NSIA) regime, the UK government has published the second edition of its “market guidance notes”. Following the...more
Navigating the international foreign direct investment (FDI) landscape is becoming ever more complex. In 2022 we saw a proliferation of new FDI regimes, a stream of revisions to existing rules and unprecedented levels of...more
The UK government has announced that it will require Chinese-owned technology company Nexperia BV to sell the 86% shareholding it acquired in July 2021 in the UK’s largest semiconductor plant, Newport Wafer Fab (since...more
The UK’s new national security screening tool has been in force for over 9 months and its impact on deal making is being felt. Determining whether notification is required can be complex and while the notification process...more
The UK National Security and Investment Act 2021 (NSIA) has been in force for over six months. We know that within the first three months, the UK government received 221 notifications and “called-in” 17 deals for a more...more
The National Security and Investment Act 2021 came into force on 4 January. We look at the implications for the loan markets.
...more
The UK government is continuing to build up its guidance in preparation for the commencement of the UK’s national security regime on 4 January 2022. ...more
The UK government has taken a further step in preparation for the commencement of the UK’s strengthened national security regime on 4 January 2022. ...more
The UK’s strengthened national security regime will commence on 4 January 2022. From that date there will be a dramatic expansion of the UK Government’s ability to scrutinise investments. That will include a power for the UK...more
This is a focus for antitrust regulators across the globe, which is playing out most publicly in the context of acquisitions and business practices, in particular in the digital sector, that threaten nascent competitors and...more
Antitrust authorities remained highly active in 2020, despite the pandemic reducing overall global M&A, according to our latest annual survey of global merger control enforcement trends across 26 jurisdictions....more
The European Commission (EC) has published its draft Digital Markets Act (DMA), which will introduce broad reforms to the application of EU competition law to ‘gatekeepers’ in the digital sector. The proposals set out...more
The table below sets out an overview, based on our current awareness of the position as regards foreign investment control, of the different approaches being taken by authorities around the world in response to the Covid-19...more
On 4 April the European Commission published an expert report on how competition policy should evolve in the digital era.
The report, titled “Competition Policy for the Digital Era”, has been prepared by a panel of three...more
On 24 July 2018 the UK Government published a White Paper setting out proposed new powers for the UK Government to intervene in deals on grounds of national security. The Government’s aim is to “protect national security from...more
On 17 October 2017 the UK Government published a Green Paper heralding reform of national security and infrastructure investment review in the UK (the Green Paper).
Specifically, the Government is seeking to strengthen...more