Mergers and Acquisitions - The Capitol Forum

Major UK Phase 2 Will Push CMA Analysis on Economic Growth Claims and Market Definitions, Sources Say

The UK Competition and Markets Authority’s fast-tracked phase 2 review of Associated British Foods’ (LON: ABF) proposed acquisition of Hovis will likely broaden the enforcer’s willingness to accept economic-growth focused arguments about failing firms, rivalry-enhancing...

Jan 26, 2026 Read Now >

Netflix/Warner Bros.: Senator Mike Lee Raises Concerns About ‘Killer Non-Acquisition,’ Abuse of Review Process

Netflix’s (NFLX) proposed takeover of Warner Bros. Discovery’s (WBD) studio and streaming businesses has triggered a powerful senator’s concerns that the $72 billion transaction is a “killer non-acquisition”: a pretense to secure business-sensitive information and weaken a...

Jan 26, 2026 Read Now >

Paramount/Warner Bros. Discovery: Paramount to File Hostile WBD Bid in Brussels, Seeking Early Clearance Before Netflix Vote

Paramount (PSKY) is preparing to file its hostile bid for Warner Bros. Discovery (WBD) with the European Commission as early as this month to potentially get the deal cleared by the EC before Warner’s shareholders vote for the competing Netflix deal in April, according to two people...

Jan 21, 2026 Read Now >

Charter/Cox: Alleged Price Gouging for High-Speed Broadband May Influence California Merger Review

Charter Communications (CHTR) charges higher prices for high-speed broadband in markets without rivals than in places with competition, a California agency said in a study that may prod state regulators to demand pricing caps in exchange for clearing the cable company’s proposed $34.5...

Jan 14, 2026 Read Now >

Senate Commerce Committee Plans Hearing on FCC National Ownership Cap Rule

This article has been updated with a statement from Newsmax CEO Chris Ruddy. The Senate Commerce, Science and Transportation Committee is planning to hold a February 10 hearing on lifting the cap prohibiting a company from owning television stations that reach more than 39% of U.S....

Jan 12, 2026 Read Now >

Capitol Forum’s Tech Policy 2026 Predictions: Brinkema Will Break Up Google’s Ad Tech Monopoly, DOJ and/or States Will Appeal Google Search Remedy, Open AI Will Take Feud with Google to Europe, Big Tech Will Push for Trade Policy ‘Get Out of Jail Free Card’

As part of our tech policy coverage, we are launching our annual predictions on some of the most meaningful events expected to take place in 2026, which we will track regularly throughout the year. To discuss these predictions with Executive Editor Teddy Downey, please join us for a...

Jan 08, 2026 Read Now >

AkzoNobel/Axalta: Merger Likely to Face In-Depth EU Antitrust Probe, Sources Say

AkzoNobel’s (AKZA) $25 billion acquisition of rival coatings manufacturer Axalta (AXTA) could well be facing an in-depth European Union antitrust investigation and potential structural remedy demands due to the combined company’s likely dominance in the powder coating market,...

Jan 06, 2026 Read Now >

Compass/Anywhere: Residential Brokerage Deal Creates Potentially Illegal Overlaps in a Dozen States, Analysis Shows

Compass’ (COMP) proposed $1.6 billion acquisition of rival Anywhere Real Estate (HOUS) could create concentrations in at least a dozen states’ urban real estate brokerage markets that are well above presumptively illegal thresholds, according to a Capitol Forum analysis of RealTrends...

Dec 23, 2025 Read Now >

Health Care Weekly: Zynex Files for Bankruptcy; Most FTC-Challenged Patents Delisted; TX AG Sues Epic; UnitedHealth Contract Dispute; Analysis of FDA Draft Guidance on Animal Testing; Report on Utilization Management in Traditional Medicare

Zynex files for bankruptcy. Yesterday, Zynex Medical (ZYXI) announced that it was filing for Chapter 11 bankruptcy in the Southern District of Texas. The announcement comes after a turbulent year for the company during which the Defense Health Agency (DHA), Zynex’s largest source of...

Dec 17, 2025 Read Now >

Senate Judiciary Antitrust Panel Chairman Vows Hearing on Netflix/Warner Bros. Deal if Streaming Service Prevails in Bidding Process

Senator Mike Lee (R-UT), chairman of the Senate Judiciary antitrust subcommittee, said today he would hold a hearing on Netflix’s (NFLX) attempted takeover of Warner Bros. Discovery (WBD) if the No. 1 streaming service prevails over rival bidders. “If that’s the direction they end...

Dec 04, 2025 Read Now >

Getty/Shutterstock: DOJ Hears from Industry Players About Stock Photo Sector Dominated by Merging Parties and Adobe

DOJ staff reviewing Getty Images’ (GETY) proposed $3.7 acquisition of rival Shutterstock (SSTK) has recently questioned multiple industry participants who said the stock photography market is dominated by the two merging parties, especially for large corporate customers, according to...

Nov 14, 2025 Read Now >

Boeing/Spirit Aerosystems: FTC Leans Toward Clearing Deal Subject to Behavioral Remedies; DOD’s Final Views Still Pending

The FTC is leaning toward clearing Boeing’s (BA) proposed $8.3 billion acquisition of Spirit Aerosystems (SPR) with behavioral remedies to ensure the buyer’s military contractor rivals would retain post-merger access to Spirit’s aircraft parts, sources familiar with the matter said....

Nov 14, 2025 Read Now >

Skyworks/Qorvo: Deal to Create U.S. Computer Chip Giant in RF Technology Likely to Face Rigorous SAMR Review

Skyworks Solutions’ (SWKS) proposed acquisition of rival components maker Qorvo (QRVO) to create a $22 billion U.S. powerhouse in critical radio frequency technology used in smartphones is set to undergo a rigorous investigation by China’s antitrust authority, legal practitioners...

Nov 03, 2025 Read Now >

EU’s €234 billion Bid to Close Investment Gap in Strategic Sectors Progressing Smoothly, Leaked Draft Shows

The Capitol Forum has obtained the latest version of the European Union’s proposal for a €234 billion “Competitiveness Fund” to boost the bloc’s digital, defense, clean energy and biotech industries, ahead of political negotiations on the draft next month. The latest draft was...

Oct 31, 2025 Read Now >

Merger Lobbying Picks Up as ‘MAGA Lobbyists’ Cash in on Trumpworld Connections

Merger-related lobbying ticked up slightly in the third quarter as lobbyists connected to President Donald Trump worked to boost support for pending deals involving Nexstar (NXST), Tegna (TGNA), Norfolk Southern (NSC) and other clients. So-called “MAGA lobbyists” have been in high...

Oct 22, 2025 Read Now >

Gildan/HanesBrands: Paperwork Pulled and Refiled, Giving FTC More Time to Conduct Initial Review

Gildan Activewear (GIL) pulled and refiled the HSR form for its planned acquisition of HanesBrands (HBI), according to a company spokesperson, giving the FTC 30 additional days to conduct an initial review of the $2.2 billion deal. The companies initially filed their HSR forms on...

Oct 21, 2025 Read Now >

Saudi Role in Electronic Arts Takeover Likely to Face EU Scrutiny Under Foreign Subsidies Rules, Sources Say

The European Commission is expected to assess whether Saudi Arabia’s role in a consortium to acquire Electronic Arts (EA) for $55 billion will give the country outsized influence over the EU gaming sector, multiple sources told The Capitol Forum. The U.S.-based videogames company is...

Oct 21, 2025 Read Now >

CMA Faces First Major Test of Labour’s Pro-Consumer Agenda with Food Retail Tie-Ups

Greencore’s (LON: GNC) $1.6 billion proposed purchase of Bakkavor (LON: BAKK) and Kingsmill’s (LON: ABF) $100 million planned merger with Hovis are likely to test the Competition and Markets Authority’s appetite to intervene in UK-specific mergers following clear messaging from the...

Oct 17, 2025 Read Now >

Paramount Skydance/Warner Brothers Discovery: Paramount Considers Hostile Bid, Not Planning Equity Financing

Paramount Skydance (PSKY) is considering a hostile bid for Warner Brothers Discovery (WBD), a source familiar with the matter said. The move comes after Paramount and Warner executives have discussed a potential deal for weeks but remain far apart on the contours of a final agreement,...

Oct 11, 2025 Read Now >

UK Merger Review in Retreat: Lawyers Declare ‘Open Season’ as They Tell Companies to Skip Notifying Deals

Deal advisors in the UK are starting to see a window of opportunity for completing more complicated global mergers without intervention from the antitrust agency, as the Competition and Markets Authority sticks to the government’s economic growth agenda. Some lawyers view the CMA’s...

Oct 02, 2025 Read Now >

Mars/Kellanova: EC Leaning Towards Clearing Deal, Sources Say

The European Commission is leaning towards clearing Mars’s $36 billion proposed acquisition of Kellanova (K) without remedies because it’s struggling to back up the concerns that motivated its in-depth review, according to sources familiar with the probe. The enforcer last week...

Oct 02, 2025 Read Now >

Anglo American/Teck Resources: Merger Set to Face ‘Canada Strong,’ ‘America First’ Agendas in Foreign Investment Reviews

London-based Anglo American (LSE: AAL) and Teck Resources’ (TECK) plan to create a $50 billion-plus copper-mining behemoth will likely encounter regulatory scrutiny driven by “Canada Strong” and “America First” agendas. In Ottawa, the main focus will be on whether the deal...

Oct 01, 2025 Read Now >

ADNOC/Covestro: Remedies Expected to be Filed as Early as Wednesday, Sources Say

Abu Dhabi National Oil Company (ADNOC) is set to file remedies with the European Commission as early as tomorrow in a bid to clear its €14.7 billion acquisition of German chemicals company Covestro (COV: ETR), sources said. The proposed remedies will address the major concerns raised...

Sep 30, 2025 Read Now >

GTCR/Surmodics: Private Equity Firm’s Economist Disputes FTC’s Contention That Merged Company Would Dominate Hydrophilic Coatings Market

The FTC’s estimate that GTCR’s acquisition of Surmodics (SRDX) would create a company that produces 60% of the hydrophilic coatings for medical devices in the U.S. is far too high, the private equity firm’s economics expert said in court today. Instead, the market share would be...

Sep 29, 2025 Read Now >

Nexstar/Tegna: With Massive DMA Overlap, Buyer Plans to Argue Changed Market Dynamics. Is it Enough to Convince Slater to Abandon Decades of DOJ Practice?

Nexstar’s (NXST) proposed $6.2 billion acquisition of rival broadcast television group Tegna (TGNA) is at first glance an audacious bet—the deal not only violates multiple FCC rules, but is also presumptively illegal under decades of DOJ antitrust division practice. Still, Nexstar is...

Sep 22, 2025 Read Now >

Stanley Woodward Included in Second Batch of Trump Nominees Thune Will Bring to Confirmation Vote

Senator John Thune (R-SD) will include Stanley Woodward, the president’s choice to become DOJ’s No. 3 official, in a second batch of nominees that Republicans plan to bring to the Senate floor for a confirmation vote, a spokesperson for the majority leader said. Woodward, whose...

Sep 19, 2025 Read Now >

Financials Friday: Trump Debanking Crusade Could Buttress a Consumer Protection Law; Cboe Joins Rush to Offer Popular Crypto Bets; U.S. Banks Look to Shed Low-Yielding Loans and Investments; Banks Fair Lending Gets an Inadvertent Boost in Debanking Crusade

The Trump administration’s vow to end “debanking” could end up fortifying a federal law that requires banks to help vulnerable communities, said a leading consumer advocate. Banks may not jettison clients based on their political allegiance or other factors deemed to constitute a...

Sep 19, 2025 Read Now >

ADNOC/Covestro: Acquirer Spoke With Ribera Amid Stalled EC Review, Sources say

ADNOC’s top brass spoke with EU competition chief Teresa Ribera in the past few days regarding its proposed $16 billion acquisition of German chemicals company Covestro (ETR: 1CO), sources told The Capitol Forum. The conversation came after a tentative remedy offer and public criticism...

Sep 10, 2025 Read Now >

Merger Monthly: The Antitrust Division is Open for Dealmaking, With Partial UnitedHealth/Amedisys Fix the Latest Example; Outlook for Key Transactions Including Mars/Kellanova, Omnicom/Interpublic and Union Pacific/Norfolk Southern

DOJ’s August 7 consent decree settling its long-running litigation challenge to UnitedHealth’s $3.3 billion purchase of home health rival Amedisys “secure the largest divestiture of outpatient healthcare services to resolve a merger challenge,” Assistant Attorney General Gail...

Sep 08, 2025 Read Now >

AT&T/EchoStar: FCC or DOJ Has Power to Kill Part of Spectrum Deal Without Seeking Court Approval—If They So Choose

The federal government has the power to kill part of AT&T’s (T) proposed $23 billion airwaves purchase from EchoStar (SATS) without going to court. The question is whether DOJ or the Federal Communications Commission will do so. Under a 2020 agreement to help establish Dish as a...

Aug 29, 2025 Read Now >

Keurig Case Could Influence Outcome of Major Antitrust Actions Against Big Tech, Live Nation, Visa

After more than 10 years, a major private antitrust case against Keurig Dr Pepper (KDP) is approaching a milestone that could have ramifications not only for the world’s largest maker of single-serve coffee products but also for U.S. government lawsuits against Big Tech behemoths, Live...

Aug 26, 2025 Read Now >

Keysight/Spirent: As Deadline Looms, SAMR Pauses Review Clock, Buying Extra Time to Negotiate, Market Test Proposed Remedies

China’s antitrust authority recently paused the review clock on its investigation into Keysight Technologies’ (KEYS) proposed takeover of rival Spirent Communications (LON: SPT) to allow extra time to negotiate and market test the parties’ proposed remedy package, sources familiar...

Aug 21, 2025 Read Now >

Former DAAG Roger Alford Plans to Blast Mizelle, Woodward for Role in ‘HPE/Juniper Merger Scandal,’ Call DOJ ‘Pay-to-Play Antitrust Enforcement’ Status Quo ‘Simply Unsustainable

Roger Alford, the antitrust division’s former No. 2 official, in a speech today will blast DOJ Chief of Staff Chad Mizelle and Associate Attorney General nominee Stanley Woodward for their role in the “HPE/Juniper merger scandal” and enabling “MAGA-In-Name-Only...

Aug 18, 2025 Read Now >

Dozens of Federal Judges Attended Antitrust Seminars Hosted by Big Tech-Funded Group, Records Show

Dozens of federal judges attended seminars in idyllic locales like Hawaii and Portugal held by a George Mason University (GMU) law school organization that received Big Tech funding, a Capitol Forum review of public records found. The university’s Antonin Scalia Law School, one of the...

Aug 13, 2025 Read Now >

Blackstone/TXNM: Activists May Oppose $11.5 Billion PE Buyout Over Self-Dealing, Environmental Concerns

New Mexican climate and consumer advocacy groups said they’ll likely oppose Blackstone’s (BX) proposed $11.5 billion acquisition of utility operator TXNM Energy (TXNM) over concerns the private equity firm would favor its own financial interests at the expense of ratepayers and the...

Aug 08, 2025 Read Now >

Providence Equity Partners/Cantaloupe: Deal to Consolidate Self-Described Micro-Market ‘Duopoly’ Could Draw Close Antitrust Scrutiny

Providence Equity Partners, in announcing its $848 million agreement to acquire Cantaloupe (CTLP), a self-service retail software and hardware rival, pitched the deal as combining companies with “complementary strengths.” But that’s not how Cantaloupe executives have always...

Aug 08, 2025 Read Now >

Lenovo Group/Infinidat: Unwinding of Jupiter Systems Deal Could Signal Problems for Chinese Server Company’s Transaction

The Trump administration’s order this month forcing China’s Suirui Group to unwind its purchase of California-based Jupiter Systems is more than a delayed enforcement action—it’s a powerful signal of the U.S. government’s rapidly hardening stance against Chinese control of...

Jul 29, 2025 Read Now >

American Axle/Dowlais: SAMR Likely to Closely Examine Deal’s Impact on Auto Parts Supply Chain and Joint Ventures

American Axle and Manufacturing’s (AXL) $1.16 billion pound ($1.44 billion) bid for London-listed Dowlais (LON: DWL) will likely face rigorous scrutiny from competition regulators in China, a key automotive market, lawyers and industry experts...

Jul 29, 2025 Read Now >

Omnicom/IPG: Publicis Precedent Key to EU Clearance Bid for $13.3 billion Deal

Omnicom (OMC) is preparing to cite the European Commission’s previous clearance of its proposed merger with Publicis (EPA: PUB), as well as its French rival’s market prowess in hopes of obtaining unconditional EU approval for its $13.3 billion acquisition of Interpublic Group (IPG)...

Jul 28, 2025 Read Now >

Prosus/Just Eat Takeaway.com: EC to Market Test Phase 1 Remedy Offer, Sources Say

The European Commission is seeking market feedback on Prosus’s offer to sell down its stake in food delivery platform Delivery Hero (ETR: DHER) before it decides whether to accept the remedy or send the investment firm’s €4.1 billion acquisition of Just Eat Takeaway.com (AMS: TKWY)...

Jul 28, 2025 Read Now >

HPE/Juniper: As Fight Between DOJ Leadership and Antitrust Division Broils, Tunney Act Proceeding Looms

After DOJ’s suit to block HPE’s (HPE) $14 billion acquisition of Juniper Networks (JNPR) culminated in a highly unusual settlement, the consent decree faces one last barrier to becoming final: Tunney Act review by U.S. District Judge Casey Pitts. That’s typically a rubber stamp....

Jul 24, 2025 Read Now >

Prosus/Just Eat Takeaway.com: Acquirer To Offer EC Divestiture Remedies, Sources Say

This article has been updated with a statement from Prosus. Prosus is offering to sell down its stake in food delivery platform Delivery Hero (ETR: DHER) to single digits in hopes of avoiding an in-depth European Commission investigation into its proposed acquisition of Just Eat...

Jul 18, 2025 Read Now >

BlackRock/Allete: Judge’s Recommendation Energizes Opponents as Focus Turns to Commission Decision in Fall

After a judge Tuesday recommended the rejection of a $6.2 billion deal that would give BlackRock (BLK) control of Allete’s (ALE) Minnesota Power, opponents and supporters alike turned their attention to the state’s public utility authority, which will decide the transaction’s fate....

Jul 17, 2025 Read Now >

Antitrust Agenda: DOJ Indicts Oak View Group CEO for Arena Bid Rigging; Low Efficacy of Post-Merger Divestitures Indicates Need for Stronger Enforcement, New Paper Concludes; Manufacturers Neglect of Repair Manuals and Materials Could Run Afoul of Right-to-Repair Laws

Live entertainment executive indicted on criminal bid-rigging charges. The Justice Department last Wednesday indicted Timothy Leiweke, the CEO of the live entertainment company Oak View Group (OVG), for allegedly orchestrating a bid-rigging conspiracy to secure the contract for the...

Jul 14, 2025 Read Now >

Merger Monthly: After Novel Omnicom/Interpublic, HPE/Juniper Remedies, is Everything Settleable?; Outlook for Key Transactions Including Getty/Shutterstock, Mars/Kellanova, and UnitedHealth/Amedisys

In the months after Inauguration Day, the Trump administration’s merger policy appeared to be slowly but surely rounding into form: To wit, meaningful continuity from the Biden administration (retaining the 2023 Merger Guidelines and updated HSR Form), coupled with substantive pull back...

Jul 10, 2025 Read Now >

ADNOC/Covestro: Deal Headed for In-Depth EU Subsidy Probe, Sources Say

ADNOC’s €14.7 billion planned acquisition of chemicals producer Covestro (ETR: 1CO) is likely headed for an in-depth EU foreign subsidies investigation at the end of this month because the European Commission wants the United Arab Emirates oil giant to give up its unlimited state...

Jul 07, 2025 Read Now >

T-Mobile/UScellular: Team Telecom’s Deference Gives DOJ, FCC Flexibility to Penalize Buyer If It Violates Agreement

When the interagency panel known as Team Telecom declined last month to recommend action on T-Mobile US’s (TMUS) $4.4 billion bid for United States Cellular’s (USM) wireless business, it was seen as a milestone on the deal’s regulatory...

Jul 03, 2025 Read Now >

Prosus/Just Eat Takeaway.com: State-of-Play Meeting Signals EU ‘Serious Doubts,’ Raising Prospects of In-Depth Probe or Remedy Offer

Prosus is set to meet European Commission officials next week for a state-of-play meeting to discuss the enforcer’s initial concerns about the investment firm’s €4.1 billion takeover of Just Eat Takeaway.com (AMS: TKWY), according to two sources familiar with the...

Jul 02, 2025 Read Now >

Brussels Readies Google Antitrust Penalty as Breakup Pressure Mounts

The European Commission has had a decision ready for months to fine Google (GOOG) over alleged abuses in its advertising technology business, three people with direct knowledge of the matter told The Capitol...

Jul 01, 2025 Read Now >

The European Antitrust Agenda: Google’s Search Redesigns Spark Criticism; Ireland’s Regulator Hires More Staff Amid Surge in Tech Complaints

Welcome to The European Antitrust Agenda, written by Europe Executive Editor Javier Espinoza and Senior Correspondents Charley Connor, Vesela Gladicheva and Lydia O’Neal. This week, Google is up for a grilling over its compliance with the EU’s digital antitrust regime and the Irish...

Jul 01, 2025 Read Now >

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