The UK Competition Appeal Tribunal confirms a deferential standard for the Competition Authority in its merger prohibitions (Tobii / Smartbox)

A recent decision by the Competition Appeal Tribunal (CAT), Tobii AB (publ) v. Competition and Markets Authority, confirms a deferential standard for the U.K. Competition and Markets Authority (CMA) in its merger prohibitions. The CMA is widely regarded as a thought leader among merger control authorities. Although the U.K.’s merger control regime is technically voluntary, the CMA’s mergers intelligence committee is quick to call in mergers that catch its eye, both before and after closing. The CMA has been aggressive to assert jurisdiction over foreign-to-foreign deals with little U.K. nexus and a fast adopter of theories from academia on "killer" acquisitions or innovation. Its analytical lens has extended well beyond classical antitrust analysis — i.e., reviewing deals that could