INTRODUCTION On 16 March 2023, the Court of Justice of the European Union (CJEU) issued its keenly anticipated judgment in Towercast [1](Judgment), following a request for a preliminary ruling by the Court of Appeal, Paris (Court of Appeal). The Judgment clarifies that acquisitions by dominant companies that do not meet the EU or national merger control thresholds can still be reviewed by national competition authorities (NCAs) following completion under the rules prohibiting the abuse of a dominant position. The Judgment marks a further increase in the regulatory scrutiny of M&A deals. It potentially heightens deal execution risks faced by dominant companies, particularly when acquiring businesses in highly concentrated or innovation-driven markets (e.g., technology, life sciences

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