Mergers & Acquisitions

Expertise

CONDUCT ECONOMETRIC ANALYSIS AND MERGER SIMULATION

Expert economic evidence can make the difference between a merger being approved, remedied or blocked.

Competition authorities are consistently relying on economic theory and empirical evidence in their investigations and decisions concerning mergers and acquisitions.

Predicting what a competition authority may conclude can be of crucial importance for a client at the pre-deal state. Obtaining expert advice at an early stage and implementing it effectively can considerably enhance the chance of gaining approval and avoid disruption.

We use advance economic theory and econometric techniques (including merger simulations) to define relevant markets, assess competition effects (unilateral, coordinated and conglomerate) and quantify efficiencies. Our expert support unfolds throughout the competition authority’s approval process.

We have considerable experience in completing pre-merger risk assessments for merging parties. In addition, we have provided expert economic analysis to merging and other interested parties and their legal advisers for Phase I and Phase II merger cases.

We can help
  • Assess notification requirement and identify potential competition concerns
  • Prepare and submit the notification
  • Delineate the relevant market (e.g., SSNIP test, Critical Loss Analysis)
  • Analyse the competitive effects (unilateral, coordinated and conglomerate)
  • Identify and analyse theories of competitive harm
  • Analyse the conditions for the failing firm defence in support of a proposed merger
  • Identify and quantify efficiency claims in competition proceedings
  • Conduct econometric analysis and merger simulation
  • Handle communication with the competition authority
  • Prepare written submissions and expert reports with relevant economic evidence
  • Participate in meetings with competition authorities and oral hearings
  • Access confidential documents in data rooms and prepare data room reports
  • Provide guidance and participate in negotiations during the process of negotiating remedies with the competition authority
  • Monitor and ensure compliance with commitments attached to the clearance decision
  • Provide evidential and analytical support in the context of appeals against merger decisions
  • Conduct ex-post merger evaluations

Do you need specialised advice?