Transparency In Merger Enforcement: At Least 50% of Investigated Deals Cleared for Takeoff in Q1 2025

The glass was at least half full for antitrust enforcement in Q1 2025. Despite the attention given to three merger enforcement complaints filed by the U.S. antitrust agencies, data collected by Akin’s antitrust & international competition practice show that at least as many extended (Second Request) investigations ended in a closed transaction without any agency statement. Investigation timelines also inched downwards for both challenged and cleared transactions.

In this first quarterly supplement to Akin’s Agency Transparency in Merger Enforcement (TIME) Report, we explore the latest trends in Second Request activity announced by the antitrust agencies and publicly disclosed by merging parties. Investigation outcomes remained divided in the first quarter between cleared or challenged transactions, with no middle ground. Yet beyond improvements in many performance indicators of the broader U.S. economy, as further good news for dealmakers, the agencies are signaling a willingness to agree to reasonable settlements rather than trying to block transactions if they determine that any portions are competitively problematic. Consequently, we remain optimistic about settlements and increased merger transparency looking forward.