Antitrust Chronicle – Private Equity + CRESSE

Antitrust Chronicle – Private Equity + CRESSE

I. PRIVATE EQUITY Dear Readers, What does competition law have to do with private equity investments? If you listen only to the investors, the answer is “not very much.” But in fact the authorities have a substantial interest in determining whether a private equity transaction, like any other acquisition of stock or assets, has an […]

Private Equity and Merger Control – The Rules of the Game are Changing

Private Equity and Merger Control – The Rules of the Game are Changing

By Pontus Lindfelt & Matteo Giangaspero –  The merger control assessment for transactions involving private equity firms has become increasingly complex. Where time is of the essence, private equity firms need to be pro-active in conducting their merger control analysis prior to initiating a transaction. This analysis requires an in-depth understanding of the structure of […]

Focusing On Private Equity: Global Merger Control Implications

Focusing On Private Equity: Global Merger Control Implications

By Deidre Johnson, Simone Waterbury, Adam Eckart, Kevin Walsh & Derek Yee –  In a time when cross-border mergers and acquisitions volume has soared to a 10-year high and there are more than 160 jurisdictions worldwide where merger control filings may be required, private equity funds and their advisors must carefully evaluate merger control obligations […]

HSR and Antitrust Considerations for Private Equity Firms in M&A Transactions

HSR and Antitrust Considerations for Private Equity Firms in M&A Transactions

By Malika Levarlet, Leo Caseria & Ariel Yehezkel –  An increasing number of M&A transactions each year involve private equity firms. The parties in private equity deals must be cognizant of the filing requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) and the substantive requirements of the Clayton Act § 7. […]

Private Equity Buyouts: Anti- or Pro-Competitive?

Private Equity Buyouts: Anti- or Pro-Competitive?

By Pehr-Johan Norbäck, Lars Persson & Joacim Tåg –  Private equity firms (“PE firms”) have become common as owners of established firms in concentrated markets. We discuss the antitrust implications of an active PE market and whether there are any special characteristics of PE ownership that are important for antitrust regulation and enforcement. The literature […]

Premerger Control of Private Equity Funds: The Brazilian Perspective

Premerger Control of Private Equity Funds: The Brazilian Perspective

By Júlia Batistella-Machado & Bruno Renzetti –  This paper provides the reader with an objective view of the premerger control in Brazil of transactions involving private equity funds. The paper suggests that CADE has been historically more concerned with establishing tests and procedures on when and how to submit pre merger fillings, than to perform […]

Advertising and Related Restraints

Advertising and Related Restraints

By John Asker & Heski Bar-Isaac –  The ecommerce sector is observing substantial use of vertical restraints on advertising and other restraints that seem likely to interfere with the ease with which consumers can find prices. Authorities and commentators have begun to consider such practices and have treated them as equivalent to resale price maintenance. […]

Horizontal Shareholding: A Summary of the Argument

Horizontal Shareholding: A Summary of the Argument

By Fiona M. Scott Morton –  “Horizontal shareholding” occurs when one or more equity funds own shares of competitors operating in a concentrated product market. A growing body of empirical literature concludes that under these conditions market output in the product market is lower and prices higher than they would otherwise be. Successful private litigation under the […]

Are Price Parity Clauses Necessarily Anticompetitive?

Are Price Parity Clauses Necessarily Anticompetitive?

By Thibaud Vergé –  Price parity clauses have recently triggered several antitrust investigations. Although decisions in similar markets have sometimes been conflicting, the agencies tend to rely on the same theory of harm. In this paper, I revisit the recent economic (theoretical and empirical) literature which allows me to identify some of the crucial factors that may […]