On June 30, 2020, the US Department of Justice and Federal Trade Commission (the “Agencies”) published final Vertical Merger Guidelines. Draft Guidelines were previously released for public comment on January 10. The Guidelines largely reflect the Agencies’ current approach and do not appear to represent any significant change in enforcement posture or policy. They replace the existing 1984 Non-Horizontal Merger Guidelines, which were both out-of-date and somewhat misleading. The Guidelines represent a largely middle-of-the-road approach, but suggest a slight inclination to view such deals as most likely procompetitive. In connection with the DOJ’s and FTC’s enforcement of Section 7 of the Clayton Act, which prohibits mergers that may substantially lessen competition, the Agencies

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