DECHERT'S DAMITT Q1 2022: Significant Merger Investigations Face Steeper Hurdles to Settlement

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Dechert LLP

22 Apr, 2022, 10:15 GMT

LONDON, April 22, 2022 /PRNewswire/ -- Dechert LLP has published the quarterly results of its Dechert Antitrust Merger Investigation Timing Tracker (DAMITT), a study from Dechert's Antitrust/Competition practice reporting on trends in significant merger control investigations in the European Union and United States.

Key results include:

European Union

  • Half of the significant investigations concluded in Q1 2022 were either blocked or abandoned, confirming that mergers going into Phase II face increasing challenges.
  • The EU Commission picked up the pace and concluded six significant investigations in Q1 2022, above the DAMITT 2011-2021 quarterly average. Five of the six decisions followed a Phase II investigation, the highest number in a single quarter since 2011.
  • The average duration of Phase II investigations slightly decreased in Q1 2022 to reach 18.8 months, which may be a sign of post-Covid normalization.

United States

  • Five of six significant investigations concluded in Q1 2022 ended in a complaint or an abandoned transaction, continuing a pronounced trend towards fewer merger settlements.
  • The average duration of significant investigations concluded in Q1 2022 edged above 12 months, which does not include the time required to defend against litigation in the event of a complaint.
  • The number of significant investigations concluded in Q1 2022 was relatively low given the flood of HSR filings recorded over the last year, but slightly above the historical average observed for first quarters over the last decade.

For the full Q1 2022 Report, please click here.

About Dechert

Dechert is a leading global law firm with 22 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.

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