Geopolitics recalibrates how M&A is regulated Governments and regulators globally are changing M&A regimes to help safeguard national security, economic resilience and, for merger control in certain jurisdictions, to drive competitiveness and investment.

FDI regimes expand reach and outpace merger control The volume of FDI screening has increased significantly while merger control has remained stable. However, there can be significant divergence in sector focus between different FDI screening regimes.

Clearances rates generally stay high but FDI regimes toughen stance Most deals are cleared without remedies. However, remedies are more commonly required for FDI than for merger control or FSR. In specific jurisdictions the levels of FDI intervention are particularly pronounced.

Closing enforcement gaps in merger control Jurisdictions are actively changing their merger control regimes to fill perceived enforcement gaps, for example, through extended powers to review ‘below threshold’ mergers.

Types of merger control concerns remain diverse Authorities remain focused on transactions between competitors but continue to consider supply chain consolidation.

A more flexible approach to remedies Merger control remedies are shifting away from a divestment-only approach towards greater acceptance of behavioural remedies. In FDI and FSR, behavioural remedies remain the default.