DOJ Issues Updated Merger Remedies Guidance
On September 3, 2020, the Department of Justice’s Antitrust Division (“DOJ”) issued an updated Merger Remedies Manual, which provides important guidance and transparency to parties involved in (or contemplating) transactions which may require remedies (e.g., divestitures) to secure DOJ approval. The updates have been expected since 2018, when Assistant Attorney General Makan Delrahim withdrew the prior 2011 Policy Guide to Merger Remedies—the 2011 policy had endorsed the type of conduct remedies disfavored by the current DOJ. The guidance provides some key takeaways, including positive news for private equity firms as buyers of divested assets directed by the DOJ.