Regulators have focused their attention on mergers in the digital/tech and private equity M&A pharmaceuticals industries, while also scrutinizing below-threshold private equity acquisitions, sciences, transport, energy and consumer deals.

In technology, which accounted for 20% of deals blocked in 2023, authorities are looking at the impact on ecosystems, innovation and potential competition. Transactions resulting in data concentration as well as those involving AI are also in the spotlight, while the EU’s Digital Markets Act and forthcoming U.K. equivalent will require designated digital firms to submit information about all deals involving digital services, or that enable the collection of data deals, falling below standard filing thresholds.

As countries work to meet their green transition targets, we expect sustainability and environmental arguments to feature more heavily in merger control reviews, potentially overriding competition outweighing antitrust concerns. But some antitrust authorities (e.g., in the U.S.) remain sceptical of ESG considerations. A patchwork of approaches is emerging.