The fourth quarter of 2025 saw notable developments in antitrust M&A enforcement across major jurisdictions. In the United States, courts delivered multiple setbacks to the Federal Trade Commission (FTC), rejecting narrow market definitions and vertical foreclosure theories, while accepting party‑proposed remedies as adequate solutions. The FTC adjusted its enforcement approach by moving away from parallel administrative actions and focusing instead on challenges in federal court. State attorneys general increased their involvement in merger reviews, intervening in a high-profile federal settlement in light of perceived improper lobbying influence.

In the European Union, the European Commission cleared complex transactions through early engagement with merging parties, including deals involving supplier power and market consolidation. The United Kingdom’s Competition and Markets Authority implemented new remedy guidelines emphasizing pace, predictability, proportionality, and process, with greater flexibility for behavioral remedies and pre‑notification discussions. Together, these developments reflect evolving enforcement priorities and approaches across jurisdictions.

In this edition of Antitrust M&A Snapshot, we provide an in‑depth analysis of these trends and their potential impact on future transactions.

On March 26, 2026, President Trump issued Executive Order No. 14398, Addressing DEI Discrimination by Federal Contractors (the EO), 91 Fed. Reg. 16147 (Mar. 31, 2026). The EO sets forth a new contract clause to be inserted into contracts, contract-like instruments, and subcontracts at every level to prohibit Federal contractors from engaging in “racially discriminatory DEI activities” as defined by the EO.

The EO requires all Executive departments and agencies to insert the clause into contracts and contract-like instruments within 30 days, additionally directing the Federal Acquisition Regulatory Council to amend the Federal Acquisition Regulation (FAR) consistent with the EO. Federal contractors and subcontractors should review their hiring, promotion, and compensation programs, as well as their purchasing and subcontracting programs, and work with legal counsel to ensure that those programs comply with existing laws while maintaining alignment with company values.