Federal Trade Commission and Justice Department Release 2023 Merger Guidelines

Summary:

The Federal Trade Commission (FTC) and the Justice Department have jointly issued the 2023 Merger Guidelines, which describe the factors and frameworks used when reviewing mergers and acquisitions. The guidelines are the culmination of a nearly two-year process of public engagement and reflect modern market realities, advances in economics and law, and the lived experiences of diverse market participants. The guidelines aim to ensure that merger enforcement protects competition in all its forms, including price competition, competition for employment terms, and platform competition. The agencies have received feedback from over 5,000 comments and have revised the guidelines to address concerns about excessive market consolidation and the potential for mergers to undermine competitive markets. The 2023 Merger Guidelines provide transparency into the agencies' decision-making process, but do not predetermine enforcement action and require prosecutorial discretion and judgment.