The Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice (DOJ) recently issued the 48th annual report summarizing statistics related to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”).
The report revealed that during fiscal year (FY) 2025, 2,006 transactions were reported under the HSR Act, which was nearly identical to the 2,031 transactions reported in FY 2024. Approximately 31.8 percent of the reported transactions in FY 2025 were valued at $1 billion or more. In FY 2019, these large transactions only accounted for approximately 13.3 percent of reportable deals, and that percentage has increased every year since then.
Notably, the agencies issued a total of 41 Second Requests in FY 2025, which represented approximately 2.1 percent of reported transactions. In every year since FY 2016, between 1.6 and 3.0 percent of reported transactions resulted in a Second Request.
The agencies pursued 18 merger enforcement actions in FY 2025. The DOJ brought 10 of these actions, while the FTC handled the remaining eight. These actions occurred across a wide spectrum of markets that included health care, technology, energy, and manufacturing. The report also detailed a number of premerger compliance investigations and actions the agencies brought to ensure compliance with the HSR Act’s requirements.
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