Antitrust M&A Snapshot | Q3 2026 in review

In the United States, federal agencies are continuing to streamline procedural and investigative processes for certain deals while maintaining substantive vigilance. The US Department of Justice’s (DOJ) return to targeted, more-efficient second requests coupled with the return of early terminations has shortened review timelines. A desire to resolve investigations efficiently, however, should not be mistaken for leniency. A record Hart-Scott-Rodino (HSR) penalty, the Federal Trade Commission’s (FTC) articulation of strict failing firm and sale-process standards in the Fairfield Medical Center sale, and its victory in blocking a consumer products merger confirm that agencies will continue targeted enforcement over transactions, industries, and conduct that leadership believes warrant interruption. Such enforcement may also increasingly involve behavioral remedies, as federal and state agencies have demonstrated a renewed willingness to pursue behavioral solutions, including in the recent Paramount Skydance-Warner Bros. Discovery settlement.

Across these matters, negotiated settlements prevail precisely because the threat of government challenge and litigation is credible. Fairfield secured a less-problematic buyer, and the Paramount and AvalonBay/Equity Residential parties reached settlements amidst the backdrop of federal and state litigation. Notably, state enforcers increasingly act independently of federal authorities, including challenging several deals that the FTC/DOJ waved through.

In the European Union and the United Kingdom, merger control in Q3 2026 was shaped by regulatory authorities focusing on innovation, efficiencies, and real-world competitive dynamics. In the EU, the European Commission published the economic study underpinning its ongoing review of the Merger Guidelines, as well as its first report on the Foreign Subsidies Regulation, after three years of enforcement. At the national level, France’s new, higher merger control thresholds took effect on September 1. In the UK, the Competition and Markets Authority (CMA) published its annual merger control outcomes for 2025 and the 2026 CMA Business Perception Survey, showing that business awareness of UK merger rules remains limited.

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.