On 22 December 2020, on a divided vote, the Federal Trade Commission (FTC or the Commission) issued a Commentary on Vertical Merger Enforcement (FTC Commentary) to provide “greater transparency to the public regarding its analysis of vertical mergers.” [1] Following the FTC and Department of Justice’s (DOJ) publication of new Vertical Merger Guidelines in June 2020 (the 2020 Vertical Guidelines) [2], the FTC Commentary provides analysis of a number of the vertical merger cases the agency has adjudicated over the past 25 years, offering insights on the Commission’s handling of vertical merger issues and “describing the principal analytical techniques, practices, and enforcement policies” the Commission utilizes to determine whether a vertical merger poses potential competitive harm in

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