Clifford Chance

The FTC And DOJ Issue Final Merger Guidelines

December 21, 2023

On December 18, 2023, the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission (collectively, the "Agencies") published the final version of the 2023 Merger Guidelines (“Final Guidelines”) which replace all earlier Merger Guidelines. After several months and numerous constructive comments from the antitrust bar, the Final Guidelines largely maintain the aggressive approach contained in the Draft Merger Guidelines ("Draft Guidelines") circulated in July 2023, with some notable exceptions discussed below. The Final Guidelines consist of 11 core Guidelines (consolidated from 13 in the Draft Guidelines), which reinforce the Biden administration's enforcement priorities and views on antitrust theories of harm.

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