On 15 September 2021, the Federal Trade Commission (FTC) published findings from its retrospective study of the non-reported acquisitions by five large technology companies [1] from 2010-2019 (the Report). Focusing on 616 transactions valued at above US$1 million, the Commissioners noted four key takeaways from the study. First, Chair Khan noted the large number of international deals, highlighting the importance of cooperation with international enforcement agencies. Second, Chair Khan and Commissioner Chopra indicated that the number of unreported deals suggests the need for changes to Hart-Scott-Rodino (HSR) rule interpretations and possibly the HSR Act itself to require merging parties to report more deals. Third, Chair Khan and Commissioner Chopra expressed a need for more
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The US FTC publishes a report summarizing findings from its study of unreported Big Tech acquisitions
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