The regulatory landscape remains a significant challenge for deal teams, as agencies on both sides of the Atlantic have taken a stance against consolidation and have increasingly explored novel sets of concerns in their cases. In this session our experts will discuss how the regulatory landscape is evolving around M&A with a special focus on private equity concerns. Historically a safe topic – will that change?

• Brexit effect: how does the CMA continue to shape its priorities post-EU?
• The falling deal count: The number of reviews fell by 39% in 2023 – what trends did the CMA see last year, and what can we expect this year?
• Finding the right remedy: What are the CMA’s views on remedies, and are they in flux following Activision/Microsoft? Are quasi-structural remedies now acceptable? What about remedy takers – who is the right buyer?
• PE concerns: When are PE acquisitions triggering concerns? Are concerns limited to roll-up strategies or could other types of PE-led transactions come into focus?
• Reforms to the Phase II process – tweaks or meaningful changes? What impacts will the changes to the Phase II procedures have on proceedings?
• The CMA’s global remit: Is the agency more concerned by deals that impact national markets, or multi-jurisdictional deals where the UK is part of the picture?
• To call-in, or to not call-in: How does the CMA decide what deals to call in, and are these criteria shifting?