Mergers and Acquisitions - The Capitol Forum

SAMR Designing Merger Guidelines With Geopolitics, Export Controls In Mind, Agency Official Says

China’s antitrust authority’s new merger guidelines will account for problems that arise when geopolitics and U.S. export controls conflict with a merging company’s ability to fulfill its obligations on a remedy, a senior competition official said today. “Our antitrust authority...

Dec 05, 2023 Read Now >

Sega Sammy/GAN: CFIUS Likely to Set Sights On Deal’s Impact On Sensitive Data, Ties To China

Japanese entertainment powerhouse Sega Sammy Holdings’ planned buyout of Irvine, California gaming technology company GAN (GAN) will likely face an intensive U.S. investigation of the $108 million transaction’s effect on sensitive personal data and the buyer’s extensive ties to...

Nov 30, 2023 Read Now >

JetBlue/Spirit: Buyer’s Entry into Market Doesn’t Lower Fares as Much as ULCCs Do, Frontier CEO Says

The antitrust trial on DOJ’s suit to block JetBlue Airways (JBLU) $3.8 billion bid for Spirit Airlines (SAVE) entered its third week with Frontier Airlines (ULCC) CEO Barry Biffle asserting today that the “JetBlue Effect” tends not to “drop the fare as much” as ultra-low cost...

Nov 14, 2023 Read Now >

Kroger/Albertsons: Proposed Deal Fix Could Suffer From Affiliate’s Reliance on Walmart

Kroger (KR) and Albertsons’ (ACI) attempt to win regulatory approval for their $24.6 billion merger by selling assets to C&S Wholesale Grocers may face a hurdle from an unusual quarter—a C&S affiliate that is beholden to the biggest U.S. supermarket player of them all, Walmart...

Nov 13, 2023 Read Now >

Flowserve/Velan: France’s Rejection of Deal Reveals Sensitive Assets Remain Off Limits, Even to Allies

France’s rejection of U.S.-based Flowserve’s (FLS) proposed $245 million purchase of Canadian industrial valve manufacturer Velan (TSX: VLN) last month should serve as a warning to dealmakers regarding the limits of trust between even longstanding allies, trade and national security...

Nov 02, 2023 Read Now >

EQT/Dechra Pharmaceuticals: Formal EC Review Likely to Begin in Next Few Weeks

A formal European Commission review of EQT’s 4.5 billion-pound ($5.5 billion) plan to buy Dechra Pharmaceuticals (DPH: LN) is likely to begin in the next few weeks, The Capitol Forum has learned. The private equity buyer unveiled the transaction on June 2 and investor speculation...

Oct 27, 2023 Read Now >

Danaher/Abcam: Deal Not Attracting Industry Complaints So Far in Sped-Up Review

Danaher’s (DHR) planned $5.7 billion acquisition of Abcam (ABCM) hasn’t generated significant industry complaints so far as China’s antitrust authority, under its sped-up review process, starts seeking public comment about the tie-up, sources familiar with the matter said. Due to...

Oct 26, 2023 Read Now >

Adobe/Figma: Companies Push for Early Engagement Between Senior Executive and Enforcers

In defending Adobe’s (ADBE) proposed $20 billion Figma acquisition, the companies have sought to address key weaknesses in the UK enforcer’s review process by putting senior executives in front of the Competition and Markets Authority (CMA) at the outset of the watchdog’s in-depth...

Oct 13, 2023 Read Now >

Kroger/Albertsons: California AG Says ‘Right Now, There’s Not a Lot of Reason Not to Sue’

This article has been updated with statements from spokespeople for Kroger and Albertsons. California Attorney General Rob Bonta is seriously considering a lawsuit against Kroger’s proposed acquisition of Albertsons, the AG said today at a press event in Washington, DC. “Right now,...

Oct 12, 2023 Read Now >

Tapestry/Capri: Labor Force Issues Could Trigger U.S. Antitrust Enforcer Questions, Capitol Forum Analysis Shows

Tapestry’s (TPR) proposed Capri Holdings (CPR) buyout has generated questions among investors about the $8.5 billion deal’s impact on prices for upscale handbags and other fashion accessories. But the transaction’s effect on those who help produce and sell these products might...

Oct 06, 2023 Read Now >

Novozymes/Chr. Hansen: Lengthy EC Pre-Notification Process Could Suggest Some Regulatory Obstacles

The proposed combination of Danish food ingredients makers Novozymes (NZYMB:DC) and Chr. Hansen (CHR:DC) has spurred a particularly lengthy pre-notification process with the European Commission, suggesting the transaction could encounter some regulatory obstacles, according to an analysis...

Oct 05, 2023 Read Now >

Enbridge/Dominion: Horizontal Overlap in Natural Gas Storage Market Could Draw Federal Antitrust Scrutiny

Enbridge Inc’s (ENB) acquisition of electric utilities from Dominion Energy Inc (D) will give it control over Dominion’s northern Ohio natural gas storage assets, reducing the number of working gas storage owners in the Central Great Lakes region and potentially allowing Enbridge to...

Oct 05, 2023 Read Now >

CMA Process for Selecting Deals to Review is Restrained, Methodical, Senior Agency Official Says

The Competition and Markets Authority’s critics in the business community have accused the UK watchdog of what they view as a cardinal sin—unpredictability. But in an exclusive interview with The Capitol Forum this week, Eleni Gouliou, the CMA’s mergers director, described an agency...

Oct 04, 2023 Read Now >

Pfizer/Seagen: FTC Explores Innovation Theory of Harm It Examined In 2009 Wyeth Acquisition

In criticizing the FTC’s review of Pfizer’s (PFE) proposed buyout of Seagen (SGEN), Albert Bourla, CEO of the New York pharmaceutical giant, said last week that the agency was straying from the mainstream of antitrust enforcement by examining whether the $43 billion deal would thwart...

Oct 04, 2023 Read Now >

Pull-and-Refiles Become Less Effective in Heading Off Second Requests on High-Profile Deals

Pfizer (PFE), Seagen (SGEN) and other companies have found that a once tried-and-true procedural tactic to avoid an extended government investigation of their high-profile deals is proving less effective with the Biden administration. As the FTC in June approached the end of its initial...

Sep 29, 2023 Read Now >

Enbridge/Dominion: Vertical Power Concerns Related to Dominion’s Control Over Contract Terms Could Attract FTC Scrutiny

In its acquisition of utility company Dominion (D), Enbridge (ENB), a major pipeline operator, could use Dominion’s control over contracts between buyers and sellers of natural gas in Ohio to favor its own interstate pipelines, according to a Capitol Forum analysis. Enbridge currently...

Sep 22, 2023 Read Now >

Broadcom/VMware: Deal Probe in Final Stage, as Senior Officials Examine Proposed Remedy Viewed Positively by SAMR Staff

China’s review of Broadcom’s (AVGO) planned $61 billion VMware (VMW) acquisition has reached its final stages as senior government officials examine a proposed remedy that has increasing support from case handlers and investigators at the country’s competition regulator, sources...

Sep 22, 2023 Read Now >

Kroger/Albertsons: Divestiture Deal Triggers Blowback from Unions Representing Store Workers

Kroger’s (KR) proposed acquisition of Albertsons’ (ACI) is generating new union objections over the selected buyer of stores the supermarket operators would divest in exchange for the $24.6 billion deal receiving FTC and states’ clearance. Earlier this month, C&S Wholesale...

Sep 14, 2023 Read Now >

Adobe/Figma: The Impact of Rivals, Large and Small, Could be Key to Deal’s Regulatory Fate

The European approvals of Adobe’s (ADBE) $20 billion plan to buy Figma likely hinges on arguments that fast-growing competition from small, dynamic software design firms and constraints imposed by Big Tech titans will keep the merged entity in check, according to analysis by The...

Sep 14, 2023 Read Now >

Broadcom/VMware: Deal Progresses Through Review Process as SAMR Talks Continue, Proposed Remedy Receives Initial Positive Feedback

Broadcom’s (AVGO) planned acquisition of VMware (VMW) is advancing through China’s regulatory process as the U.S. tech giant engages in discussions with the country’s competition enforcer over a proposed remedy that initially is receiving positive government and industry feedback...

Sep 06, 2023 Read Now >

Khan Outlines FTC Support for Employees to Report Harassment Following Allegations Against Wright

This article has been updated slightly for clarity. FTC Chair Lina Khan, in the wake of allegations made against former Commissioner Joshua Wright, outlined steps this week that agency employees can take to report sexual harassment. In a memo yesterday to agency staff and her fellow...

Aug 16, 2023 Read Now >

Intel/Tower Semiconductor: Deal’s Fate Grows Murkier After Biden Unveils Executive Order on U.S. Investment in China

The fate of Intel’s (INTC) proposed $5.4 billion Tower Semiconductor acquisition has grown even murkier following President Joe Biden unveiling his long-anticipated executive order limiting U.S. investment in China, said attorneys in the country not involved with the deal. On the one...

Aug 10, 2023 Read Now >

Microsoft/Activision: Tech Giant’s Persistence Leads CMA to Effectively Launch Unprecedented ‘Phase 3’ UK Review

Microsoft’s (MSFT) persistent attempts to close its proposed takeover of game developer Activision Blizzard (ATVI) have prompted the Competition and Markets Authority to reassess the merger, effectively pushing the regulator to engage in what amounts to a phase 3 investigation of the...

Aug 10, 2023 Read Now >

EQT/Dechra Pharmaceuticals: Transaction Avoids UK Merger Scrutiny Following Briefing Paper’s Submission

Private equity firm EQT is said to have avoided a UK antitrust review of its proposed 4.5 billion pound ($5.6 billion) acquisition of Dechra Pharmaceuticals (DPH: LN). The Competition and Markets Authority had sought further information from the parties following their submission of a...

Aug 09, 2023 Read Now >

Amazon/iRobot: Deal Provides Opportunity for Enforcers to Develop ‘Ecosystem’ Theory of Harm

Amazon’s (AMZN) proposed $1.7 billion iRobot (IRBT) acquisition is providing European enforcers an opportunity to further develop a 21st century economic theory of harm created with tech platforms in mind. In announcing its phase 2 in-depth investigation of Amazon/iRobot last month, the...

Aug 02, 2023 Read Now >

Prospects Brighten for Broadcom/VMware, ICE/Black Knight, L3Harris/Aerojet Following Recent Developments

The prospects for Broadcom’s (AVGO) proposed VMware (VMW) buyout, Intercontinental Exchange’s (ICE) attempted Black Knight (BKI) purchase and L3Harris Technologies’ (LHX) bid for Aerojet Rocketdyne have distinctly improved due to a series of recent, unrelated developments, according...

Jul 20, 2023 Read Now >

Amazon/iRobot, Thoma Bravo/ForgeRock, Globus/NuVasive May Trigger Tripwires in Draft Merger Guidelines

U.S. antitrust enforcers could target Amazon’s (AMZN) planned $1.7 billion iRobot (IRBT) buyout, Thoma Bravo’s $2.3 billion ForgeRock (FORG) bid and Globus Medical’s proposed $3.1 billion NuVasive (NUVA) tie-up, according to a Capitol Forum analysis of draft merger guidelines...

Jul 19, 2023 Read Now >

Microsoft/Activision Blizzard: Novel Move Could Open Path for Clearance After Final Report That Avoids Independent Inquiry

The Competition and Markets Authority’s likely clearance of Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard takeover could open a new route for companies to receive approval for their deals by reversing a “final” prohibition and avoiding an independent group’s...

Jul 18, 2023 Read Now >

Thoma Bravo/ForgeRock: DOJ Leans Toward Suit, Raising Question of Whether Buyer Will Defend Deal in Court

DOJ is leaning toward suing to block Thoma Bravo’s planned buyout of cybersecurity software maker ForgeRock (FORG), sources said, raising questions about whether the private equity firm will bow out as the buyer in the $2.3 billion deal.   Following an...

Jul 11, 2023 Read Now >

Globus/NuVasive: Spinal-Device Merger Could Give Doctors Fewer Operating Options, Some Surgeons Say

Globus Medical’s (GMED) proposed $3.1 billion acquisition of rival NuVasive (NUVA) could accelerate a market trend that has resulted in fewer choices of spinal devices and operating techniques, some surgeons told The Capitol Forum. The surgeons said that hospitals seeking discounts on...

Jul 07, 2023 Read Now >

Pfizer/Seagen: Deal Faces EC Probe with Bavencio Royalty Potentially at Issue

Pfizer’s (PFE) plan to buy Seagen (SGEN) for $43 billion is said to face scrutiny by the European Commission following a referral request by the buyer. The deal could draw regulatory questions in Europe about a royalty payment Pfizer is set to receive for bladder cancer drug Bavencio,...

Jun 29, 2023 Read Now >

SAMR Shuffles Top Merger Officials Amid Probes of Sensitive Chip Deals

China’s antitrust authority has quietly made two key staff appointments in its merger department, putting a seasoned enforcer and a relative novice in charge of reviewing multibillion-dollar technology deals including Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM), said...

Jun 20, 2023 Read Now >

J&J’s Remicade: Rebates and High Net Prices, Not Low Net Prices, Inform Market Shares for Remicade and Biosimilar Competitors

The FTC has been investigating blockbuster biologic autoimmune disorder treatment Remicade (infliximab) since June 2019. Remicade is a tumor necrosis factor (TNF) inhibitor first approved in 1998 and marketed by Johnson & Johnson subsidiary Janssen. The drug is currently indicated to...

Jun 20, 2023 Read Now >

Broadcom/VMware: Some Deal Critics Not Included in EC Market Test of Proposed Remedy

The European Commission is said to have not sought feedback from some critics of Broadcom’s (AVGO) proposed VMware (VMW) acquisition regarding the U.S. chipmaker’s offer to address the regulator’s concerns about the $61 billion deal. By not approaching these critics, the commission...

Jun 07, 2023 Read Now >

UnitedHealth/Emis: After Remedy Rejected, Unconditional Clearance Becomes Best Option For Salvaging Deal

UnitedHealth Group (UNH) will probably need the Competition and Markets Authority’s unconditional clearance for its planned 1.2 billion pound ($1.5 billion) acquisition of health care software and systems provider Emis Group (EMIS: LN) after the UK regulator rejected the company’s...

Jun 02, 2023 Read Now >

MaxLinear/Silicon Motion: Parties Make Progress in Negotiating Remedy With Chinese Regulator

U.S. chipmaker MaxLinear (MXL) has achieved some progress in negotiating a remedy proposal with China’s antitrust authority for its planned $3.8 billion acquisition of Taiwanese rival Silicon Motion Technology (SIMO), sources familiar with the matter said. Case handlers at the State...

May 30, 2023 Read Now >

Amgen/Horizon: FTC Prepares to Sue to Block $27.8 Billion Pharmaceutical Transaction

The FTC is preparing to sue to block Amgen’s (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics (HZNP), sources familiar with the matter said. The agency’s three sitting Democratic commissioners, who met on Friday in a closed-door meeting to discuss the case, are set to...

May 15, 2023 Read Now >

Kroger/Albertsons: Regional Grocers Sign NDAs in Talks to Buy Divested Stores, Sources Say

Grocers on the East Coast and in other U.S. regions have signed nondisclosure agreements to discuss potential purchases of Kroger (KR) and Albertsons (ACI) stores set to be divested as part of the supermarkets’ proposed $24.6 billion merger, according to two people familiar with the...

May 15, 2023 Read Now >

Intel/Tower Semiconductor: SAMR Likely to Decide on Deal in Coming Weeks; Gelsinger’s Visit Smoothed Path for Remedy Talks, Lawyers Say

Chinese antitrust enforcers are likely to make a decision on Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM) in the coming weeks, ending a long “stop the clock” on their review of the $5.4 billion transaction, said China-based legal experts and practitioners. The...

Apr 27, 2023 Read Now >

Viasat/Inmarsat: Course Set for Satellite Deal’s Clearance as European Commission Declines So Far to Issue Formal Objections

Viasat’s (VSAT) proposed acquisition of rival satellite service supplier Inmarsat Group (ISAT: LN) appears on course for a European Commission green light as the regulator so far has declined to produce a formal charge sheet on the $4 billion deal. “As of today, the commission has...

Apr 21, 2023 Read Now >

UnitedHealth/Emis: CMA Seeks Broader Asset Divestitures

UnitedHealth Group’s (UNH) plan to buy health care software and systems provider Emis Group (EMIS: LN) is said to have been pushed to an in-depth review by the Competition and Markets Authority because the watchdog sought asset divestures beyond those owned by the buyer in the...

Apr 05, 2023 Read Now >

Microsoft/Activision Blizzard: Buyer Expands EC Cloud Remedy as CMA Talks Continue

Microsoft (MSFT) is said to have broadened a remedy offered to the European Commission in connection with the company’s proposal to buy Activision Blizzard (ATVI) for $68.7 billion. The commission is seeking third-party feedback on the expanded offer. The change is said to relate to the...

Apr 05, 2023 Read Now >

Assa Abloy/Spectrum Brands: Judge Grilled DOJ Litigator Over ‘Litigating the Fix’ Legal Standard; Case Still Comes Down to the Divestiture

At yesterday’s marathon hearing, U.S. District Judge Ana C. Reyes grilled DOJ litigator, Matthew Huppert, over the appropriate legal framework to apply to merger challenges involving a divestiture. Judge Reyes also indicated that DOJ’s challenge to Assa Abloy’s (ASSA-B:SS) bid for...

Mar 30, 2023 Read Now >

Adobe/Figma: Deal Faces Challenging Reviews in Brussels and London

Software company Adobe’s (ADBE) $20 billion plan to purchase the privately held design platform Figma will be reviewed by regulators in London and Brussels, and winning approval from both agencies is likely to be a challenge, according to an analysis by The Capitol Forum. Adobe’s...

Mar 30, 2023 Read Now >

TD Bank/First Horizon: DOJ Probe Holds Up Regulators’ Decisions On Deal

U.S. financial regulators’ decisions on TD Bank’s (TD) proposed $13.4 billion acquisition of First Horizon Bank (FHN) are being held up by issues raised in a DOJ investigation, a source familiar with the matter said. It’s unclear what the focus of the DOJ investigation is and how...

Mar 29, 2023 Read Now >

Amgen/Horizon Therapeutics: FTC Staff Probes Buyer’s Past Drug-Price Increases and Alleged Anticompetitive Tactics

FTC staff reviewing Amgen’s (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics (HZNP) is probing the acquirer’s track record of raising drug prices and allegedly shielding its products from competition, sources familiar with the matter said. The staff is considering...

Mar 22, 2023 Read Now >

UnitedHealth/Change Healthcare: As DOJ Drops Appeal, Agency May Pivot to Considering Broader Section 2 Cases Against U.S. Health Behemoths

DOJ said today that it wouldn’t appeal a federal judge’s decision allowing UnitedHealth’s (UNH) $7.8 billion acquisition of Change Healthcare (CHNG). The purchase of Change, which operates the most popular clearinghouse for insurance information, puts UnitedHealth, the No. 1...

Mar 21, 2023 Read Now >

Broadcom/VMware: EC, FTC Raising Concerns About Large Corporate Clients That Demand On-Premises Virtualization Software Services

The European Commission and the FTC are said to be raising concerns about how Broadcom’s (AVGO) proposed $61 billion VMware (VMW) purchase could affect large corporate clients that access their VMware server virtualization software on premises. VMware is a market-leading producer of...

Mar 09, 2023 Read Now >

Intel/Tower Semiconductor: With SAMR Approval Outstanding, Intel Executive Stresses Commitment to China

With Intel’s (INTC) $5.4 billion bid for Tower Semiconductor (TSEM) under review by China’s antitrust authority, Intel China Chairwoman Wang Rui has embarked on a charm offensive, stressing the company’s long-term commitment to the country. Wang, who’s also a senior vice...

Mar 02, 2023 Read Now >

Broadcom/VMware: FTC Staff Sounds Out Third Parties About Signing Declarations for Possible Court Case

FTC staff attorneys reviewing Broadcom’s (AVGO) proposed purchase of VMware (VMW) are sounding out industry participants about whether they would sign declarations or participate in investigational hearings, deepening the agency’s investigation of the $61 billion deal, sources...

Feb 10, 2023 Read Now >

EDITOR'S PICKS

Read a selection of our subscriber-only news articles

Mergers and Acquisitions | RECENT ARTICLES | EDITOR'S PICKS

FILTER BY