Private equity investments
FTC's merger remedies study
A CFIUS Roundup: Polaris Financial
The FTC and DOJ under President Trump have each recently approved divestiture remedies for potentially anticompetitive mergers, signaling a significant departure from the practice of the Biden administration, which viewed...more
Shortly before the scheduled start of the trial, the U.S. Department of Justice, Antitrust Division (Division) reached a settlement with Hewlett Packard Enterprise (HPE) and Juniper Networks (Juniper), allowing their $14...more
The Trump administration’s recently announced settlements resolving the antitrust concerns in transactions mark a shift from the previous administration’s hostile rhetoric against settlements and remedies in merger cases. As...more
Days after the Federal Trade Commission (FTC) reached its first divestiture settlement of the new Trump administration, the U.S. Department of Justice Antitrust Division (DOJ or the Division) followed through on Assistant...more
As the Trump administration’s antitrust landscape continues to develop, companies should stay alert to key changes in merger filing requirements, remedy expectations, agency personnel, and more. The Federal Trade Commission...more
The Federal Trade Commission (FTC) and the US Department of Justice (DOJ) each recently announced that they would accept structural remedies to address concerns that two transactions in the technology industry would reduce...more
The current leadership of the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (Antitrust Division or DOJ) (collectively, “antitrust agencies”) have signaled an intention to reject the...more
The Federal Trade Commission (FTC or Commission) recently announced that it will require Synopsys, Inc. (Synopsys) and Ansys, Inc. (Ansys) (together, “the parties”) to divest certain assets to resolve antitrust concerns...more
As more companies seek to spin out non-core businesses and the market for carve out divestitures heats up, counsel representing potential buyers and sellers should be prepared to identify and mitigate key risks that may arise...more
24 In this article, we delve into the intricacies of valuing individual legal entities as part of a legal entity rationalization, exploring some of the key considerations that must be considered to prepare a robust and...more
The year 2023 will be remembered as a challenging one for private equity (PE), with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to...more
For companies in the energy and chemical sectors, the potential for antitrust scrutiny is an ever-present concern. The next round of enforcement inquiries is never further away than the next jump in commodity prices or the...more
Today, a tale of two markets are seen in healthcare mergers and acquisition (M&A): the present (as reflected in the data about declining dealmaking) and the future (reflected in the increasingly positive outlook by...more
On October 12, 2023, the European Commission (EC) ordered Illumina to unwind its already completed acquisition of the cancer-test provider GRAIL Inc. This is the first time that the EC has ordered a reversal of an...more
Corporate mergers, asset acquisitions, and divestitures often include a variety of environmental components or considerations – some of which can be nuanced – that can affect and can be affected by other non-environmental...more
Any person or company in the United States that manufactures, exports, temporarily imports, or brokers items, including technical data and software (defense articles), or performs certain services (defense services) that are...more
Let’s say you work in Customs Compliance at Shark Company. You learn that your company is purchasing Shrimp Company. Do you have any concerns? Will there be work to do? Yes, and yes! Buying Another Company- When one...more
The Biden Administration's aggressive antitrust enforcers have trained their sights on private equity companies. They have signaled through enforcement activities, formal policy statements and informal interviews and speeches...more
In 2021, President Biden issued an Executive Order directing antitrust enforcers to make sure that health care would be an area of emphasis for antitrust enforcement, and in 2022 they did. Federal regulators brought several...more
The current landscape of M&A and A&D dealmaking in the U.S. oil and gas industry looks a lot different than what it did in the 2015-2019 period. During the pandemic, commodity prices sank to historically low levels (WTI crude...more
Takeaways - With increasingly aggressive antitrust and foreign investment reviews, directors need to be fully informed about the risks of deals from the beginning of negotiations. Boards should insist that management and its...more
Earlier this year, Assistant Attorney General Jonathan Kanter, who leads the Department of Justice’s (DOJ) Antitrust Division, announced that the Antitrust Division would eschew settlements in merger challenges in...more
In line with overall M&A activity, US PE dealmaking in H1 lagged behind 2021 in terms of both value and volume. Total deal value of US$415 billion during the first half of the year represents a 28 percent fall...more
We recently discussed the various ways in which the Federal Trade Commission is focusing on worker protections in the gig economy. Though we didn’t have a crystal ball to foresee it, the FTC announced that it is furthering...more
Despite the aggressive rhetoric, the change in the leadership and composition at the U.S. Federal Trade Commission (FTC) did not result in more enforcement in 2021. As the calendar turned to 2022, the FTC seems to be stepping...more