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PitchBook Analyst Note: Increased Antitrust Scrutiny and Complexity for M&A

Q4 2023

PitchBook Analyst Note: Increased Antitrust Scrutiny and Complexity for M&A

October 16, 2023

Antitrust enforcement comes for the little guys 

Newly proposed antitrust rules in the US could bring scrutiny to smaller M&A—not just big-time, industry-shifting deals. The changes would lower market concentration thresholds for monopoly scrutiny and broaden the definition of competitive harm, shifting the status quo for strategic buyers and PE alike.  

Our latest analyst note explores whether changes to antitrust policy and enforcement could affect the M&A market: More deals could get blocked, but concessions to regulators could also amp up corporate divestitures.  


Table of contents
Key takeaways 1
Introduction 2
Challenges for dealmakers 3
PE under scrutiny 6
How dealmakers are adjusting 8
Headwinds by geography and sector 10
Key litigations 14
Blocked deals 16
Concessions 17
Potential tailwinds ahead 18