Mergers and Acquisitions - The Capitol Forum

Merger Monthly: Tapestry/Capri Decision Encouraging for Enforcers Seeking to Build Cases With Documents

U.S. District Judge Jennifer Rochon last month in her Tapestry/Capri decision ever so slightly nudged documents toward the top of the evidence pile. Her reliance on company slide deck presentations, strategy papers and executives’ emails not only resulted in a victory for the FTC but...

Nov 12, 2024 Read Now >

Siemens/Altair: Parties’ Deep Chinese Ties, Industry Consolidation Could Trigger SAMR Review; Company Spokesperson Says Deal Should Obtain Clearances

Siemens’s $10.6 billion bid for Altair Engineering could trigger a review by the Chinese antitrust authority due to both companies’ deep business ties to the Asian country and ongoing consolidation in the design simulation software sector, China-based lawyers and industry analysts...

Nov 11, 2024 Read Now >

UnitedHealth/Amedisys: DOJ Leans Toward Suing to Block Deal as Early as This Week

DOJ is leaning toward suing to block UnitedHealth Group’s (UHG) proposed $3.3 billion acquisition of home health care rival Amedisys (AMED) as soon as this week, sources familiar with the matter...

Nov 11, 2024 Read Now >

Rio Tinto/Arcadium Lithium: Proposed Acquisition of Critical U.S. Lithium Producer Likely to Face Intense National Security Review

Anglo-Australian mining giant Rio Tinto’s (RIO) proposed $6.7 billion acquisition of Arcadium Lithium (ALTM), which produces a key component of the rechargeable batteries used in electric vehicles, energy and military technologies, and mobile devices, likely will face intense scrutiny...

Oct 25, 2024 Read Now >

IBM/HashiCorp: FTC Asks Industry Players About Potential Foundation Remedy to Ensure Open-Source Access to Terraform, Vault

The FTC has asked software industry participants whether their concerns with IBM’s proposed $6.4 billion acquisition of HashiCorp would be addressed by placing the target firm’s cloud management software within a foundation that would guarantee open-source access to the products,...

Oct 14, 2024 Read Now >

T-Mobile/UScellular: DOJ Asks Industry Players About Fate of Spectrum Not Part of Deal, Rural Service Overlaps

DOJ staff attorneys reviewing T-Mobile US’s (TMUS) proposal to buy most of regional telecommunications operator United States Cellular (USM) are asking industry participants not only about the competitive impact of the $4.4 billion transaction but also who could buy the spectrum...

Oct 07, 2024 Read Now >

Tapestry/Capri: In Closing Arguments, FTC Points to Paper Trail Showing Intense Head-to-Head Competition While Defense Attacks Agency’s Economic Analysis

On the final day of arguments in the FTC’s effort to block the acquisition of American fashion house operator Capri (CPRI) by rival Tapestry (TPR), agency attorneys emphasized how the $8.5 billion deal could harm working- and middle-class women who buy so-called accessible-luxury...

Sep 30, 2024 Read Now >

Illumina/Grail: Court Ruling Marks a Setback, Not a Death Knell, for EU Merger Referrals, Experts Say

Illumina’s (ILMN) resounding court victory last week over a European Commission decision to block its $8 billion takeover of Grail (GRAL) marks a serious blow to the regulator’s attempt to scrutinize sensitive deals that fly under its merger-revenue thresholds. But the EU enforcer has...

Sep 09, 2024 Read Now >

Harris’s Record, Statements Draw Praise, Concern From Those Seeking Continued Aggressive Antitrust Enforcement

Kamala Harris, newly elected as California attorney general, grinned and murmured “cha-ching” as she discussed with her staff a price-fixing case that would bring in more than $1 billion in...

Aug 28, 2024 Read Now >

Kroger/Albertsons: FTC Uses Supermarket Agreements to Try to Show Stores’ Competition for Unionized Workers

For a transcript of the most recent available proceeding please click here, and our library of additional transcripts and exhibits can be found under the “Source Documents” heading here. The FTC today in the trial on the agency and states’ suit to block Kroger’s (KR) $24.6...

Aug 28, 2024 Read Now >

Alaska/Hawaiian: DOT, States Seek Remedies as Department Considers Merger Application

The Department of Transportation and some states are seeking remedies from Alaska Airlines (ALK) in its bid for Hawaiian Airlines (HA) as the carriers submit to DOT’s review of their $1.9 billion deal, sources familiar with the matter...

Aug 28, 2024 Read Now >

JIC/Shinko: SAMR Review Could Delay Tender Offer for Computer Chip Components and Packaging Maker

A review by China’s antitrust regulator could delay the government-backed Japan Investment Corporation’s (JIC) anticipated $4.7 billion tender offer for computer chip packaging and components maker Shinko Electric Industries (TSE: 6967), sources familiar with the matter...

Aug 20, 2024 Read Now >

T-Mobile/Metronet: German-Owned Company’s Pattern of Telecom Acquisitions Will Likely Concern CFIUS, Experts Say

Telecommunications giant T-Mobile US’s (TMUS) ambitious 50/50 joint venture with private equity giant Kohlberg Kravis Roberts (KKR) to acquire U.S. fiber Internet provider Metronet raises concerns that could lead to an extended U.S. national security review, experts...

Aug 16, 2024 Read Now >

Trump, Harris Likely to Pursue Different CFIUS Approaches to Achieve Common Goal: Confronting China

Regardless of who wins the U.S. presidential race in November, foreign investors attempting to purchase American assets can expect more government scrutiny than ever before—especially if the buyers are from...

Aug 02, 2024 Read Now >

SAMR, In Proposed Guidance, Stresses Horizontal Deals’ Likely Impact On Chinese Economy

China’s antitrust authority last week stressed in its proposed new guidance on horizontal merger reviews that it will consider a deal’s impact on the country’s economy, indicating the importance industrial policy and political interests increasingly are playing in the...

Jun 24, 2024 Read Now >

Uber/Foodpanda: Taiwanese Regulator Meets With Restaurant Operators, Drivers Amid Concerns About Worse Service, Lower Pay

In examining Uber Technologies’ (UBER) proposed acquisition of Delivery Hero’s (DHER) Foodpanda business, Taiwan’s competition regulator met this week with industry participants such as restaurant chain operators and drivers, who have complained about the $950 million deal leading...

Jun 21, 2024 Read Now >

Six Flags/Cedar Fair: DOJ Leaning Toward Clearing Amusement Park Merger Unconditionally

DOJ is leaning toward clearing unconditionally Six Flags Entertainment (SIX) and Cedar Fair’s (FUN) proposed $8 billion merger of equals, according to sources familiar with the...

Jun 21, 2024 Read Now >

IBM/HashiCorp: FTC Staff Probing Potential for Reduced Competition, Innovation in Cloud Software, Encryption Tools

FTC staff investigating IBM’s (IBM) proposed acquisition of HashiCorp (HCP) is asking industry participants whether customers of HashiCorp’s multi-cloud and encryption management software could switch to viable alternatives after the merger if they so desired, and whether the $6.4...

Jun 20, 2024 Read Now >

FDJ/Kindred Group: Gambling Companies Urge French Competition Enforcer to Order Divestiture

French lottery operator Française des Jeux’s (EUF: FDJ) proposed buyout of online gaming company Kindred Group (STO: KIND) for 27.95 billion Swedish kronor ($2.65 billion) is being challenged by multiple gambling operators, who are urging the French competition regulator to reject the...

Jun 14, 2024 Read Now >

Novo/Catalent: Supply-Chain Questions Likely to Prompt CFIUS Investigation of Danish Pharma Giant’s Deal, Experts Say

Danish pharmaceutical giant Novo Holdings’ proposed buyout of contract manufacturer Catalent (CTLT) is likely to trigger a U.S. national security investigation based on government questions about whether the $16.5 billion deal would endanger the nation’s drug supplies, experts...

Jun 06, 2024 Read Now >

Novo/Catalent: Deal to Increase Weight-Loss Blockbuster Wegovy’s Supply May Raise Questions in Europe About Manufacturing Restrictions

Novo Holdings’ proposed $16.5 billion acquisition of Catalent (CTLT) is likely to trigger European Commission questions over rival drugmakers’ access to critical manufacturing facilities and may require at the very least supply guarantees to quell concerns, according to a Capitol...

May 15, 2024 Read Now >

The Antitrust Agenda: Bipartisan Push in the House to Designate $10 Million of FTC Budget for Enforcement of Robinson-Patman; New FTC Commissioner Andrew Ferguson’s Staff Revealed; Lina Khan Promises Uber/Lyft Drivers That Rideshare Companies Won’t ‘Get Away’ With ‘Deception’; Senator Warren Calls for Breakup of ‘UnitedHealth Monopoly’; Judge Refuses to Toss Washington State Case Against Kroger/Albertsons

In bipartisan letter, lawmakers request $10 million of FTC budget be set aside to put teeth into Robinson-Patman enforcement. Representatives Zoe Lofgren (D-CA), Tom Tiffany (R-WI) and nine of their congressional colleagues have asked the House Appropriations Committee “to designate $10...

May 06, 2024 Read Now >

Ascendent/Hollysys: Proposed $1.66 Billion Rail Transportation Buyout May Face Beijing’s Antitrust and National Security Scrutiny

Hong Kong-based private equity firm Ascendent Capital Partners’ planned $1.66 billion buyout of Hollysys Automation Technologies (HOLI) is likely to face scrutiny from China’s antitrust regulator and the country’s opaque national security review agency, sources familiar with the...

Apr 30, 2024 Read Now >

Hewlett Packard Enterprise/Juniper Networks: Buyout May Slow Innovation and Weaken Support Services, Say Tech Experts, Customers

Hewlett Packard Enterprise’s (HPE) proposed acquisition of Juniper Networks (JNPR) is raising concerns among some industry experts and customers of the companies’ wireless network-management software that the $14 billion deal could slow innovation and lower the quality of support...

Apr 30, 2024 Read Now >

FTC Commissioner Bedoya Signals Interest in Union Neutrality as Merger Remedy and Previews Speech on Workplace Surveillance

FTC Commissioner Alvaro Bedoya is open to conditioning certain merger clearances on companies’ commitments to allowing their workers to unionize, he told The Capitol Forum in an interview...

Apr 26, 2024 Read Now >

Financials Antitrust Weekly: Huntington Bank Investigated on Possible Redlining; Congress Focuses on Mandatory Arbitration and Service Member Rights, Consumer Legislation Advances; OCC Discloses Enforcement Actions

Huntington Bank subject of OCC redlining probe. Huntington Bancshares (HBAN) is under investigation by the Office of the Comptroller of the Currency (OCC) for possible fair housing “redlining”...

Apr 19, 2024 Read Now >

WillScot/McGrath: Buyer Has Pursued Aggressive Roll-Up Strategy, Eliminating Competition and Raising Prices

WillScot Mobile Mini Holdings (WSC) has pursued an aggressive seven-year roll-up strategy in the office trailer and portable storage business, largely avoiding antitrust scrutiny while completing an eye-popping 21 acquisitions in the last two years alone. It’s now trying to buy what...

Apr 19, 2024 Read Now >

Tapestry/Capri: Labor Concern Part of Suit FTC Considering Against Handbag Deal

In leaning toward suing to block Tapestry’s (TPR) proposed buyout of Capri (CPRI), the agency sees the $8.5 deal as unacceptably shrinking the number of companies that employ workers for the handbag makers, sources familiar with the matter...

Apr 15, 2024 Read Now >

Tapestry/Capri: FTC Leaning Toward Suit, Focusing on Handbag Makers’ Close Competition

The FTC is leaning toward a lawsuit to block Tapestry’s (TPR) proposed $8.5 billion acquisition of handbag manufacturing rival Capri (CPRI), sources familiar with the matter...

Apr 12, 2024 Read Now >

Amex GBT/CWT: Qatari Stake Could Draw CFIUS’s Attention to Proposed Acquisition of Travel Service Used by U.S. Military

American Express Global Business Travel’s (GBTG) proposed $570 million acquisition of CWT, which operates a service that U.S. military personnel and other federal officials use to arrange trips, could raise red flags over the Qatari government’s stake in the deal, national security...

Apr 03, 2024 Read Now >

Capital One/Discover: Merger Application Ignores Biggest Competition Risks, Antitrust Advocates Say

Capital One’s (COF) application laying out its $35.3 billion plan to buy Discover Financial (DFS) overlooks some of the risks that Biden administration regulators are most likely to scrutinize, antitrust advocates...

Mar 28, 2024 Read Now >

UnitedHealth/Amedisys: DOJ Strongly Considers Suit, Deposing Merging Parties’ Executives While Engaging in Divestiture Talks

DOJ is strongly considering a suit to block UnitedHealth Group’s (UHG) proposed $3.3 billion acquisition of Amedisys (AMED), deposing executives of the two companies, sources familiar with the matter...

Mar 20, 2024 Read Now >

Synopsys/Ansys: Photonic Chip-Design Software Overlap Could Lead to Higher Prices, Less Interoperability, Over a Dozen Customers, Experts Say

Synopsys’s (SNPS) proposed $35 billion acquisition of Ansys (ANNS) would give it control over the two most popular programs for a cutting-edge method of chip design, sparking concerns among customers about price increases and less interoperability with rival...

Mar 19, 2024 Read Now >

EQT/Equitrans: Deal Would Create Regional Natural Gas Titan With Significant Power Over Competitors

EQT Corp’s (EQT) proposed $5.5 billion acquisition of its former pipeline arm Equitrans Midstream Corp (ETRN) would create Appalachia’s largest vertically integrated natural gas company and one that would have extensive dealings with EQT...

Mar 19, 2024 Read Now >

Haier Smart Home/Carrier Global: Commercial Refrigeration Transaction Triggers European Commission FSR Filing

Chinese home appliance supplier Haier Smart Home’s (HK:6690) proposed $640 million acquisition of Carrier Global’s (CARR) commercial refrigeration business requires a filing under the Foreign Subsidies Regulation (FSR) in Europe, according to sources familiar with the...

Mar 18, 2024 Read Now >

Capital One/Discover: Deal to Test OCC’s Growth Restrictions on Banks with Multiple Enforcement Actions

Capital One’s (COF) plan to acquire Discover Financial (DFS) will test whether a key regulator is committed to its policy to restrict banks that have faced multiple disciplinary actions from expanding, in light of large penalties levied against Capital One in recent...

Mar 06, 2024 Read Now >

IAG/Air Europa: EC Review of Airline Merger Has Scrutinized Over 90 Overlapping Flight Routes

The European Commission has been examining over 90 passenger routes served by both International Airlines Group (IAG) and Air Europa, a Spanish carrier that IAG is attempting to purchase for the second time in five years, according to sources familiar with the...

Mar 05, 2024 Read Now >

Six Flags/Cedar Fair: Elimination of Close Competition in 3 Metropolitan Areas Likely Focus of DOJ Review

Six Flags Entertainment (SIX) and Cedar Fair’s (FUN) proposed “merger of equals” would eliminate close competition between the theme park operators in three metropolitan areas—Washington, D.C., Philadelphia, and the San Francisco Bay Area—an outcome that’s the likely focus of...

Mar 05, 2024 Read Now >

Kroger/Albertsons: FTC’s Novel Argument About Unionized Labor Is Untested at Trial But May Avoid Pitfalls of Past Antitrust Suits

The FTC’s challenge to Kroger’s (KR) proposed $24.6 billion acquisition of rival supermarket operator Albertsons (ACI) is relying on a novel labor argument that, although untested in court, might avoid pitfalls that plaintiffs have experienced in bringing antitrust cases involving...

Feb 29, 2024 Read Now >

Synopsys/Ansys: Deal Creates Lens Design Software Monopoly, Some Customers Say

Synopsys’s (SNPS) proposed acquisition of rival design software maker Ansys (ANSS) is ratcheting up fears among some customers that the $35 billion deal would create a monopoly in programs used for developing lenses in microscopes, smartphone cameras and...

Feb 23, 2024 Read Now >

The European Antitrust Agenda: Vestager Backs Guersent in Competition ‘Side Dish’ Debate; Cardell Urges Merging Businesses to Forego Lobbying; EC Accuses Greek Electric Company of Possible Predatory Pricing

Greek electricity provider suspected of predatory pricing. Athens-based Public Power Corporation (PPC) may have violated EU antitrust rules when it sold wholesale electricity below cost, potentially pushing out rival generator companies, according to preliminary findings of a years-long...

Feb 12, 2024 Read Now >

The Antitrust Agenda: DOJ’s Apple Monopolization Lawsuit Edges Ahead of Live Nation on Filing Timeline; Khan Discusses M&A Priorities in DCN Talk

DOJ’s Apple monopolization lawsuit now ahead of Live Nation. DOJ’s investigation of Apple’s (AAPL) control over its App Store appears to have now jumped ahead of the department’s Live Nation (LYV) probe in terms of priority and timing. Previously, DOJ had planned to file the Live...

Feb 12, 2024 Read Now >

Google Draws Fire From Retailers, Shopping Comparison Website Operators on DMA Plan as Compliance Deadline Nears

With less than a month remaining before a critical March 7 deadline, Google’s (GOOG) plan to comply with the European Union’s sweeping Digital Markets Act is garnering bad reviews from retailers and operators of comparison shopping sites, sources familiar with the matter said. In...

Feb 09, 2024 Read Now >

Vodafone/Three: Telecoms Industry Asks CMA to Focus on Spectrum Allocation and Network Sharing in Proposed High-Profile Mobile Network Merger

British telecommunications companies have warned the Competition and Markets Authority that the planned 15 billion pound ($18.9 billion) combination of CK Hutchison’s (0001.HK) and Vodafone’s (VOD: LN) UK mobile networks would give the new entity control over more than half the...

Feb 09, 2024 Read Now >

SAMR’s New Tolerance For Some Tech Deals Creates Uncertainty, Strategy Shifts Among Companies

On January 1, Baidu (BIDU), operator of China’s most popular search engine, gave up on its three-year attempt to buy Joyy’s (YY) live-streaming business for $3.6 billion after failing to obtain approval from the country’s antitrust regulator. However, just four weeks later, the...

Feb 06, 2024 Read Now >

Alaska/Hawaiian: JetBlue Decision Provides Roadmap for Key Questions Raised by Latest Industry Deal

The regulatory path grew riskier for Alaska Airlines’ (ALK) proposed $1.9 billion acquisition of Hawaiian Airlines (HA) after DOJ won the JetBlue/Spirit case last week, antitrust and airline experts told The Capitol Forum. In enjoining JetBlue Airways’ (JBLU) $3.8 billion attempted...

Jan 23, 2024 Read Now >

Kroger/Albertsons: State Merger Challenges Could Present ‘Death by a Thousand Cuts,’ But Extra Suits Carry Risks

State lawsuits to block Kroger’s (KR) proposed $24.6 billion acquisition of rival supermarket chain Albertsons (ACI) could provide a form of insurance for the FTC if a widely anticipated challenge of the deal by the agency were unsuccessful, five former antitrust enforcement officials...

Jan 23, 2024 Read Now >

Choice/Wyndham: Four State AGs Request Companies’ Permission to Receive Information on Hostile Bid

Choice Hotels International’s (CHH) $8 billion hostile takeover of rival Wyndham Hotels & Resorts (WH) has triggered requests from the offices of four state attorneys general—Colorado, Washington state, Kansas and Vermont—to receive material the companies are providing the...

Jan 19, 2024 Read Now >

Nippon Steel/U.S. Steel: Japanese Bid Draws Opposition, Complicating CFIUS Review; Echoes of DP World Deal

Nippon Steel’s (5401.T) proposed takeover of U.S. Steel (X), once a symbol of American industrial might, is generating serious political opposition that complicates the $14.9 billion deal’s regulatory path. Just days after the Japanese buyer unveiled the transaction on December 18,...

Jan 10, 2024 Read Now >

Vestager’s Last Hurrah—Big Tech, Rail, Telecom and Aviation in the Spotlight for 2024

Margrethe Vestager, the EU’s top antitrust enforcer, could be out of the job by the end of the year. The current European Commission mandate runs until October 31. A third term for Vestager, having been in the competition post since late 2014, would be unprecedented. Vestager,...

Jan 10, 2024 Read Now >

EDITOR'S PICKS

Read a selection of our subscriber-only news articles

Mergers and Acquisitions | RECENT ARTICLES | EDITOR'S PICKS

FILTER BY