Defense Industry Lessons From UTC-Raytheon Deal Review
Law360 (April 16, 2020, 5:40 PM EDT) -- The U.S. Department of Justice Antitrust Division's recent challenge to the United Technologies-Raytheon merger highlights a few key considerations for antitrust reviews of aerospace and defense industry transactions. The case, which settled in March, is a useful illustration of important principles applicable to this unique industry.
First, it highlights that defense product markets will be narrowly defined based on the specific product application, and suppliers of the same type of system may be in different antitrust markets if they supply the system for different applications (e.g., aircraft vs. ground vehicle).
In addition, the case shows that theories of harm from vertical...
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