Law360 (May 22, 2020, 2:43 PM EDT) -- Despite growing interest in vertical mergers, there has been much uncertainty regarding how the antitrust agencies are likely to evaluate vertical mergers since only a single vertical merger, AT&T-Time Warner, has been litigated in the last four decades. To provide clarity, the U.S. Department of Justice and the Federal Trade Commission jointly published draft vertical merger guidelines in January 2020.
To understand how these general guidelines are likely to be operationalized, it is useful to consider how the antitrust agencies have evaluated recent vertical mergers. One notable example is CVS Health Corp.'s $70 billion acquisition of Aetna Inc.
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