News & Analysis as of

Private Equity Anti-Competitive

Parker Poe Adams & Bernstein LLP

New FTC Consent Order Against Health Care-Focused Private Equity Firm Has Antitrust Implications

Last week, the Federal Trade Commission (FTC) approved a final consent order with a private equity firm focused on health care and technology to resolve allegations of anticompetitive practices in two anesthesiology markets...more

Troutman Pepper Locke

Illinois and Minnesota AGs Join FTC’s Lawsuit Against Private Equity Firm

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Illinois Attorney General (AG) Kwame Raoul and Minnesota AG Keith Ellison have joined the Federal Trade Commission (FTC) in a lawsuit to block the acquisition of Surmodics Inc. by GTCR BC Holdings LLC, two major manufacturers...more

Snell & Wilmer

Proposed Senate Bill in California Would Strengthen Restrictions on Hedge Fund and Private Equity Investments in Healthcare

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On February 12, 2025, Senator Christopher Cabaldon introduced Senate Bill 351 (“SB 351” or “the bill”), to strengthen and codify the corporate practice of medicine doctrine (CPOM) in California as it relates to private equity...more

Jenner & Block

Client Alert: FTC Challenges Medical Device Coating Transaction

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On March 7, 2025, the FTC filed a complaint in federal court seeking to block GTCR BC Holdings, LLC, a Chicago private equity firm, from acquiring Surmodics, Inc. The FTC alleges that Surmodics is the leading provider of a...more

Axinn, Veltrop & Harkrider LLP

The Fate of the “Last Gasp” of the Biden FTC: Will Its Legacy Survive the Trump Administration?

In the days leading up to President Trump’s inauguration, the Biden FTC rushed to initiate major lawsuits and to tie a bow on various antitrust policy efforts. In a series of dissenting statements, the minority Republican...more

Stevens & Lee

FTC Settlement Proposes Consent Order to Monitor Private Equity Firm Welsh Carson’s Acquisitions Plans

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We previously reported on the Federal Trade Commission’s (FTC) lawsuit against U.S. Anesthesia Partners (USAP) and the private equity firm Welsh, Carson, Anderson & Stowe (Welsh Carson). In the lawsuit, the FTC alleges that...more

Troutman Pepper Locke

FTC Takes Another Shot at Private Equity Roll-Ups

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At the end of the Biden administration, the Federal Trade Commission (FTC) announced a settlement with private equity firm Welsh, Carson, Anderson, and Stowe, and several of its affiliates (Welsh Carson), resolving what the...more

McAfee & Taft

Gavel to Gavel: What will legislature do about private equity in healthcare?

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State legislatures across the country are beginning to consider and debate the pros and cons of passing laws aimed at regulating private equity’s role in the healthcare industry. According to an article in the Wall Street...more

Morrison & Foerster LLP

The Inaugural Meeting of the White House’s Pricing Strike Force Focuses on Healthcare, Groceries, and Junk Fees

The Biden Administration recently convened the first meeting of its Strike Force on Unfair and Illegal Pricing (Strike Force), an interagency initiative announced in March 2024 to “root out and stop illegal corporate behavior...more

Stinson LLP

FTC’s Aggressive Focus on PE Blunted by Recent Court Decision

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Private Equity (PE) has been a popular and frequent target of the Biden Administration’s recent antitrust enforcement efforts. Earlier this year, the Federal Trade Commission (FTC) and Department of Justice Antitrust Division...more

Mayer Brown

Private Equity Roll-Ups: Court Dismisses Welsh Carson from Roll-Up Litigation

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The Federal Trade Commission’s (FTC) push against private equity roll-ups has hit a snag. On May 14, 2024, US District Judge Kenneth Hoyt of the Southern District of Texas granted a motion to dismiss filed by Welsh, Carson,...more

WilmerHale

“Roll Up” or Roll On Out: Court Dismisses FTC Lawsuit Against Private Equity Firm Welsh Carson Under Section 13(b)

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In a decision with significant implications for private equity firms and minority investors, on May 13, 2024, the US District Court for the Southern District of Texas dismissed the Federal Trade Commission’s (FTC) suit...more

Bass, Berry & Sims PLC

Court Dismisses “Roll-Up” Lawsuit against Private Equity Firm in Blow to FTC

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On May 13, a federal district court in Texas dismissed private equity firm Welsh, Carson, Anderson & Stowe (Welsh Carson) from an antitrust lawsuit filed by the Federal Trade Commission (FTC). The lawsuit, which was...more

Benesch

Dental/DSO Intelligence Monthly Report: February 2024

Benesch on

Conceived and founded by 16 doctors, EPIC4 is a unique entity—a Specialty Partnership Organization where dental specialists can maximize potential at all stages of their life and practice. Forming EPIC4 was something of an...more

ArentFox Schiff

The DOJ and FTC Turn Their Attention to “Roll-Up” Acquisitions, Looking for Anticompetitive Transactions

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In a December 2023 statement, the White House detailed its intention to encourage antitrust enforcers to scrutinize anticompetitive acquisitions and anticompetitive practices in health care. Specifically, the statement...more

Epstein Becker & Green

Congressional Investigation, White House Crackdown Means New Oversight of Private Equity Owners in Health Facilities

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On December 6, 2023, Senate Budget Committee Ranking Member Chuck Grassley (R-Iowa) and Chair Sheldon Whitehouse (D.-R.I.) announced a new bipartisan investigation into private equity ownership in hospitals—just ahead of a...more

Snell & Wilmer

FTC Challenges Private Equity Roll-Up Acquisition Strategy

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A recent U.S. Federal Trade Commission (“FTC”) antitrust lawsuit against a private-equity owner of a large anesthesiology practice in Texas demonstrates that the FTC has begun to implement its more aggressive focus on the...more

Goodwin

Recent FTC Enforcement Action Signifies Increased Scrutiny of Private Equity Acquisitions and Imposition of More Onerous...

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On June 13, 2022, the Federal Trade Commission (“FTC” or “the Commission”) announced a consent agreement resolving concerns with a private equity acquisition, incorporating novel prior notice and approval requirements...more

Cadwalader, Wickersham & Taft LLP

FTC and DOJ Announce Project to Develop Progressive Merger Guidelines

On January 18, 2022, the Federal Trade Commission (“FTC”) and the Justice Department’s Antitrust Division (“DOJ”) (together, the “Agencies”) jointly announced plans to “review,” “modernize” and “strengthen” horizontal merger...more

Buchalter

California Senate Passes Bill Granting the Attorney General Authority To Review Health Care Acquisitions and Changes of Control

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SB 977 was passed by the California Senate on June 26, 2020. If the bill is passed by the Assembly and becomes law, it will require health care systems, private equity groups, hedge funds, and academic medical centers to...more

Foley & Lardner LLP

Power Play: California May Require Attorney General Approval for Transactions Involving Health Systems, Private Equity Groups, or...

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California Senate Bill 977 (SB-977), entitled “Health care system consolidation: Attorney General approval and enforcement,” is set for a June 9 hearing before the Senate Appropriations Committee. The bill has two main...more

A&O Shearman

The FTC’s Challenge of Red Ventures–Bankrate: Antitrust Risks in Deals Backed by Private Equity Minority Shareholders

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On November 3, 2017, the Federal Trade Commission filed a complaint challenging Red Ventures’ proposed acquisition of Bankrate. The FTC alleged that the deal likely would have lessened competition in the market for...more

Foley & Lardner LLP

Six Trends Impacting Health Care M&A in 2016

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From hospital expansions with large insurance deals to physician group consolidation, the continued outlook for health care mergers and acquisitions in 2016 is expected to be rampant. The following six factors will likely be...more

Latham & Watkins LLP

Portfolio Companies’ Antitrust Risks Reflect on PE Houses

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Antitrust authorities around the world are increasingly collaborating with each other in an effort to unearth anticompetitive behavior such as cartels, and are devoting greater resources to doing so. As a result, PE houses...more

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