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2023 Merger Guidelines

On December 18, 2023, the Department of Justice and the Federal Trade Commission (collectively, the “Agencies”) jointly released the 2023 Merger Guidelines, which describe factors and frameworks the Agencies often utilize when reviewing mergers and acquisitions. The 2023 Merger Guidelines reflect the culmination of a nearly two-year process undertaken by the Agencies that involved soliciting feedback from the public and staff in a variety of ways including through listening sessions, written comments, and workshops.

The 2023 Merger Guidelines are a non-binding statement that provides transparency on aspects of the deliberations the Agencies undertake in individual cases under the antitrust laws. The Agencies will continue to make decisions in particular matters based on the law and the facts applicable to each case.

Press release: Justice Department and Federal Trade Commission Release 2023 Merger Guidelines (December 18, 2023)

2023 Merger Guidelines (PDF)

Additional Resources

2023 Draft Merger Guidelines

2023 Merger Guidelines Workshops

Review Comments on the 2023 Draft Merger Guidelines

Prior Versions of the Merger Guidelines

1968  |  1982  |  1984  |  1992  |  1997  |  2010  |  2020