In the last decade, private equity sponsors increasingly have pursued “strategic” deals — transactions combining two or more competitors. The U.S. Department of Justice Antitrust Division (DOJ) and the Federal Trade Commission (FTC) have actively enforced the antitrust merger laws in the context of strategic PE deals, including by:
- requiring divestitures of assets or business lines to resolve competitive concerns;
- requiring firewalls or other conduct remedies for the same purpose; or
- filing a lawsuit seeking an injunction (after concluding the proposed remedies are insufficient).
Against this backdrop, in the last three months, two newly appointed FTC Commissioners have … Read more