The writer is deputy director of the Thurman Arnold Project and a resident fellow at Yale’s Information Society Project
When US antitrust enforcers issued new merger guidelines in 2023, there was cautious optimism that lessons from the previous era of Big Tech deals had been absorbed.
The guidelines made clear that mergers would be scrutinised not only when a company acquired an existing rival and exceeded 30 per cent market share, but also when it acquired a potential competitor or formed part of a pattern of serial consolidation.
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