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US merger control

Comprehensive advice on cross-border and national transactions.

In an era of heightened regulatory scrutiny of deals, clients rely on us for their most complex merger control strategies around the globe.

In an era of heightened regulatory scrutiny of deals, clients rely on us for their most complex merger control strategies around the globe.

Our lawyers have market-leading experience of merger control regimes around the world. We represent companies involved in mergers, acquisitions and joint ventures before major competition authorities including the US Department of Justice (DOJ) and Federal Trade Commission (FTC), the European Commission, China’s SAMR, Japan’s Fair Trade Commission as well as national competition authorities in the EU member states and in Russia.

Our international reputation means clients regularly ask us to lead the global coordination of multijurisdictional merger proceedings, combining our own forces with trusted local advice from our network of relationship firms in jurisdictions where we do not practice the local law – and so delivering the best outcome in every country.

We also provide an integrated and coordinated approach to the burgeoning  foreign investment requirements in an increasing number of jurisdictions.

We have a proven track record in complex international cases involving detailed remedy negotiations and have handled countless in-depth investigations by major authorities worldwide.

Clients increasingly call upon us to represent them in litigation arising from contentious merger proceedings as well as in strategic third-party interventions in merger investigations.

Client successes

We advised London Stock Exchange Group on the global coordination, regulatory engagement and substantive strategy for its $27bn transformational acquisition of Refinitiv, one of the leading global providers of financial markets data and trading venues. The complex and high-profile cross-border transaction involved reviews by 21 merger control authorities as well as foreign investment screening in the United States, Australia and a number of European countries. The deal was subject to a Second Request in the United States, where the DOJ granted early termination. It also prompted an in-depth Phase II review by the European Commission and the negotiation of a €4.3bn structural remedy and innovative behavioral remedies to secure clearance.

We advised Messer Group, a leading German chemical company, and CVC Capital Partners on their $3.3bn acquisition of North American industrial gas assets required to be divested as a result of the Federal Trade Commission’s investigation of Linde/Praxair.

We advised Novartis on its 2019 successful $5.3bn acquisition of Xiidra from Takeda Pharmaceutical Company. Our team was able to secure merger clearance in the United States within the initial 30-day waiting period, allowing Novartis to complete the transaction in less than 40 days from announcement.

We advised Evonik, a Germany-based specialty chemicals company, on several transactions including the merger control and CFIUS-related aspects of its acquisition of PeroxyChem.

We advised Hewlett Packard Enterprise on its $925m acquisition of Silver Peak Systems.

We advised Johnson & Johnson on its $6.5bn acquisition of Momenta Pharmaceuticals in one of the largest pharmaceutical-industry mergers of 2020.

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