Global M&A trends: 6 notable Q2 2026 cases out of the US, EU, and UK

Global competition authorities remained active in Q2 2026, closely reviewing transactions across media, construction materials, digital services, defense, and visual-content markets. Enforcement outcomes ranged from unconditional clearances to targeted structural remedies, litigation by state and private plaintiffs, and deal abandonment where required divestitures proved too burdensome.

The quarter highlights several broader themes: Federal clearance does not eliminate parallel enforcement risk in the United States; agencies remain willing to accept focused divestitures where they fully address competitive concerns; and commercial arrangements may attract merger scrutiny even without a formal acquisition. In Europe and the United Kingdom, authorities also gave increasing weight to competitive pressure from digital platforms and generative AI, while maintaining scrutiny where few meaningful alternatives remain.

Nexstar/TEGNA: State and private plaintiffs obtain preliminary injunction after federal clearance

Markets/structure

Nexstar is the largest owner of local broadcast television stations, and TEGNA is the second-largest owner of local English-language television stations. The transaction would combine extensive local broadcast portfolios and, according to the plaintiffs, create new Big Four television station duopolies and triopolies in local designated market areas.

Summary and observations

The transaction is notable because it had already received US Department of Justice (DOJ) clearance and Federal Communications Commission (FCC) approval, and the parties closed before the district court entered a preliminary injunction. DIRECTV and a coalition of state attorneys general challenged the transaction under Section 7 of the Clayton Act and sought interim relief to prevent integration. On April 17, 2026, a judge granted a preliminary injunction continuing hold-separate relief and prohibiting further integration of Nexstar and TEGNA business pending adjudication on the merits.

The order underscores that federal agency clearance does not preclude state or private antitrust enforcement. It also illustrates the practical importance of integration planning in transactions that may draw continued scrutiny after closing. The court credited the need to preserve the status quo and avoid steps that could make later relief difficult. The matter is also on appeal.

Taiheiyo/CalPortland/Vulcan: DOJ accepts ready-mix concrete divestiture

Markets/structure

Taiheiyo Cement Corporation operates in the United States through CalPortland, and Vulcan Materials is a major construction materials company. The transaction involved CalPortland’s proposed $712 million acquisition of ready-mix concrete assets from Vulcan. The DOJ’s concerns centered on the supply of ready-mix concrete in San Diego County, where ready-mix concrete is an important input for construction and infrastructure projects and competition depends on local production and delivery capabilities.

Summary and observations

On May 21, 2026, the DOJ filed a civil antitrust complaint and proposed settlement requiring CalPortland and Vulcan to divest three ready-mix concrete plants in San Diego County to Holliday Rock Co. The DOJ stated that the divestiture package was designed to preserve competition and prevent higher prices, lower quality, and less-favorable terms for buyers.

The settlement is notable because the DOJ expressly framed the remedy as a structural fix that allows the broader transaction to proceed while addressing the specific competitive issue. It aligns with DOJ leadership’s stated preference for structural relief where it can avoid unnecessary litigation and fully resolve the concern.

Zillow/Redfin: FTC and states advance “de facto merger” theory based on contractual arrangements

Markets/structure

Zillow and Redfin allegedly competed in the sale of advertising for multifamily rental properties. According to the Federal Trade Commission (FTC) and state plaintiffs, the challenged arrangement involved Zillow paying Redfin $100 million upfront plus ongoing payments in exchange for Redfin exiting the multifamily rental advertising market and transferring customer relationships, key employees, and business information to Zillow. Even though there was no formal acquisition agreement, the FTC brought a Section 7 claim alleging that the arrangement in effect operated as an unlawful “acquisition.”

Summary and observations

On May 6, 2026, a federal judge denied Zillow and Redfin’s motion to dismiss the FTC and state complaints. The case remains at an early stage and will proceed to discovery. Contractual arrangements that transfer customers, employees, business information, or competitive functions may draw scrutiny even if they are not formally styled as acquisitions. Parties considering commercial collaborations or strategic partnerships between competitors should evaluate whether the arrangement could be characterized as a de facto acquisition or merger.

European Commission clears RTL’s acquisition of Sky DACH

Markets/structure

RTL Deutschland acquired Sky DACH, a pay-TV operator active in German-speaking European Economic Area (EEA) markets. The parties overlap across the audiovisual value chain, including content acquisition, channel supply, retail distribution, and advertising.

However, the European Commission concluded that, in relation to audiovisual content, and particularly for entertainment and sports content, the parties have different focuses, there are no significant barriers to entry and there is increasing competitive pressure from global streaming platforms. The same applies to the wholesale supply of TV channels and audio services, as well as retail services, where there is limited actual overlap and, importantly, subscription-based streaming services offer strong competitive alternatives. In the advertising space, the Commission found that there are sufficient alternatives to linear TV advertising and that customers can switch easily.

Summary and observations

The Commission cleared the transaction unconditionally on April 22, 2026. RTL had submitted commitments addressing potential advertising concerns, but the Commission ultimately found them unnecessary, in part because of the competitive pressure from global streaming platforms.

The decision reflects the Commission’s recognition of audience migration to digital platforms and of the competitive pressure that global streaming platforms exert on more traditional content providers.

The unconditional Phase 1 clearance within the statutory timeline only tells half the story. The acquisition was announced on June 27, 2025, and brings together two of the most recognizable media brands in the Germany/Austria/Switzerland (DACH) region, as well as two of the fastest-growing streaming offerings in the German market. The formal notification to the Commission was only submitted on February 27, 2026, i.e., eight months after the signed agreement was announced. The timeline suggests that, while the decision was unconditional, the parties submitted a significant amount of evidence to satisfy the Commission. This aligns with Commissioner Ribera’s statement that the Commission “looked carefully” at the deal but found no evidence that it would raise competition concerns.

The Commission also appears to have regarded the competitive constraint imposed by global streaming platforms as significant. It is relatively unusual for the Commission to clear a transaction unconditionally after remedies have been offered to address potential concerns (here, in advertising). Commissioner Ribera’s observation that the transaction will help European media groups respond to these competitive dynamics may signal that other well-established national media groups could combine, and that, in other sectors, greater weight may be placed on the competitive impact of digitalization.¹

FCO clears KNDS/ELBIT Systems Land joint venture

Markets/structure

KNDS and ELBIT Systems Land proposed an equally owned joint venture, EuroPULS, to market the EuroPULS rocket artillery system and provide lifecycle services, including maintenance and spare parts.

The joint venture will not have its own production or R&D capabilities; systems will be supplied by the parent companies. The Federal Cartel Office (FCO) therefore treated it as a non-full-function joint venture outside the EU Merger Regulation.

Summary and observations

The FCO cleared the transaction without conditions.

The decision underscores that the Commission will only review transactions where the joint venture meets all the requirements of full functionality. Because of the limited scope of EuroPULS’s activities, the transaction fell outside the EU Merger Regulation; the FCO nonetheless reviewed it under the German regime, which is more expansive and captures joint ventures that may be better described as a form of cooperation.

In assessing the competitive dynamics, the FCO found that the joint venture brings together complementary capabilities and is therefore unlikely to raise horizontal concerns. Indeed, according to the FCO, the partnership is likely to foster competition, as it provides a meaningful counterweight to offerings from other manufacturers.

Getty abandons Shutterstock merger following conditional CMA clearance

Markets/structure

Getty Images and Shutterstock are global suppliers of licensed visual content, with overlaps in stock content and editorial content. Stock content comprises pre-produced visual content for commercial use; editorial content covers time-sensitive news, sports, and entertainment imagery.

The Federal Cartel Office (CMA) referred the deal to Phase 2 after Phase 1 concerns in both stock and editorial content. At Phase 2, it found broader stock-content constraints from Adobe, Canva, and generative artificial intelligence (AI), but continuing concerns in editorial content, where Shutterstock was found to be one of the few meaningful alternatives to Getty for UK customers.

Summary and observations

In May 2026, the CMA cleared the transaction subject to divestment of Shutterstock’s global editorial business to a CMA-approved purchaser. Getty subsequently terminated the merger agreement in June 2026 due to the CMA’s remedy requirement, causing the transaction to collapse.

During the Phase 1 review, the CMA initially had concerns relating to the editorial business and stock content. Although Getty agreed to divest the editorial and stock content businesses in Phase 1, the CMA had questions about the scope of the remedy. In Phase 2, the CMA found the development of generative AI will increasingly compete with both Getty and Shutterstock’s stock content business, and therefore concluded that the transaction would not substantially lessen competition in the stock-content market. However, in Phase 2, the CMA continued to have concerns about the editorial business, and Getty decided that the editorial business divestiture requirement was too burdensome and terminated the transaction.

Notably, the CMA has emphasized that its merger review process was not the reason the deal was abandoned, publishing a press release highlighting the substantial synergies that had been anticipated (separate from the remedy package).

The UK regime gives parties the option to fast-track a case into a Phase 2 investigation, which can allow more evidence to be considered than the statutory timing constraints of a Phase 1 review permit, albeit subject to a higher burden of proof. Where parties can evidence a shift brought about by digitalization, there may be merit in working with the CMA through a Phase 2 investigation to obtain clearance for complex transactions.

1. Commission unconditionally approves RTL’s acquisition of Sky DACH, European Commission