Antitrust M&A Snapshot | Q2 2026

In Q2 2026, US merger enforcement at the federal and state level continued to move in opposite directions: Federal agencies signaled renewed openness to settlements, while states and private plaintiffs demonstrated that federal regulatory clearance is not always the end of the story. The quarter saw structural divestitures in healthcare and construction materials, among other sectors, as well as state challenges and reversion back to the legacy Hart-Scott-Rodino (HSR) form.

EU and UK merger control in Q2 2026 was shaped by regulatory authorities focusing on predictability, efficiencies, and real-world competitive dynamics. In the EU, the European Commission’s draft Merger Guidelines point to a modernized framework that gives more weight to innovation, investment, resilience, and global competitive constraints. The Commission also has narrowed the route for complainants seeking Brussels review of below-threshold deals. In the UK, the Competition and Markets Authority’s efficiencies consultation continues the agency’s 4Ps (pace, predictability, proportionality, and process) agenda and signals greater openness to well-supported rivalry-enhancing efficiencies. Case outcomes across the quarter also show that authorities remain highly evidence-driven: Deals can clear where parties are not close competitors or they face strong global constraints, but targeted structural remedies remain likely where a narrow problematic overlap raises a credible theory of harm.

McDermott Will & Schulte’s global competition practice can assist clients with antitrust M&A issues in various jurisdictions around the world. Feel free to contact one or more of our partners in our various offices. The individuals below can assist or can refer you to one of our many other lawyers in our competition team who can help with a specific question.