Key insights from US antitrust mergers and acquisitions trends in Q2 2025

In the realm of US antitrust mergers and acquisitions in the second quarter of 2025, several notable trends have emerged, shedding light on the current approach of regulatory agencies towards competition policy. Under the current administration, which represents a sharp departure from the previous administration’s stance, both the Federal Trade Commission (FTC) and the Department of Justice (DOJ) have embraced a more lenient attitude towards structural remedies, particularly divestitures, to address antitrust concerns arising from mergers and acquisitions.

The recent period has seen the FTC and DOJ actively engaging in settlements that involve divestitures to resolve apprehensions related to significant transactions. For example, the FTC reached a settlement pertaining to Synopsys’ acquisition of Ansys, while the DOJ greenlit three other transactions: Hewlett Packard Enterprise (HPE) with Juniper Networks, Safran with Raytheon, and Keystone with Spirent. This shift in approach marks a departure from the previous administration’s aversion to prelitigation divestitures and distaste for merger remedies.

While these agencies are more willing to entertain settlement options, they stress the importance of strict criteria for divestitures. FTC Commissioner Melissa Holyoak has emphasized the necessity of robust divestiture buyers and the need for “clean” divestitures. In a recent statement regarding the Synopsys / Ansys settlement, FTC Chair Andrew Ferguson underscored the benefits of merger settlements in advancing procompetitive objectives while conserving agency resources. However, he warned against inadequate remedies, stating that the FTC generally insists on divestitures involving standalone businesses and divestiture buyers capable of making the separated business competitive. The agencies largely eschew behavioral remedies, opting for structural solutions. The Trump administration’s acceptance of a behavioral remedy in the Omnicom / Interpublic case stands as an exception rather than the rule. As a result, while the United Health / Amedisys merger settled, the AMEX GBT / CWT litigation was withdrawn, and one challenge, GTCR BC Holdings, LLC with Surmodics, Inc., is headed to trial.

Furthermore, in a bid to accelerate merger review processes and facilitate smoother transactions, the FTC and DOJ are streamlining procedures to allow non-problematic mergers to move forward swiftly. The FTC has revived the practice of early termination of the Hart-Scott-Rodino waiting period, a move aimed at easing the burden on staff and expediting transactions. This change contrasts starkly with the previous administration’s approach of slowing down deal-making. Assistant Attorney General Gail Slater affirmed the DOJ’s commitment to expediting merger reviews, echoing the sentiment that agencies should swiftly clear transactions that do not breach antitrust laws to prevent hindering innovation and impeding market efficiency.

Lastly, the emergence of “America First Antitrust” signifies an alignment of antitrust enforcement with the goals of the Trump administration, focusing on the interests of the workforce, consumers, small businesses, manufacturing, and family-owned agribusiness. The emphasis on deregulation and transparency underscores the agencies’ commitment to promoting national interests in their antitrust enforcement strategies.

In conclusion, the evolving landscape of US antitrust mergers and acquisitions in the second quarter of 2025 underscores a marked shift towards more lenient approaches to solutions for antitrust concerns, a commitment to expediting merger reviews, and an alignment with national priorities in antitrust enforcement measures.