McDermott Will & Schulte, a global law firm

As reflected in the December 2023 merger guidelines, the Federal Trade Commission and the US Department of Justice (DOJ) have changed the way they think about out-of-market effects, i.e., competitive effects that arise outside the relevant market.

Lisa Rumin and Anthony Ferrara unpack this new approach, which was prominently demonstrated during the JetBlue Airways-Spirit Airlines merger, and provide practical considerations on the implications for firms contemplating mergers and acquisitions.