Glossary · Deal process
Merger control
Also called antitrust clearance, antitrust review, competition clearance
Definition
Merger control is the review of a deal by competition authorities, such as the European Commission, the UK's CMA or the US FTC and DOJ. If the parties pass turnover thresholds, the deal has to be notified and cannot close until it is cleared. Reviews can take months and may require remedies.
Related terms
FDI screening Government review of foreign investments in sensitive sectors, which can delay or block a deal. Clean team A small, ring-fenced group allowed to see a competitor's sensitive data during a deal, under strict rules. Binding offer A buyer's final offer after due diligence, usually with a marked-up purchase agreement attached. Bolt-on acquisition A smaller company bought to add to an existing platform business, common in private equity. Buy-side The buyer's side of a deal: the acquirer or investor, and the advisers who help them find, check and price a target. Carve-out The sale of a division or business unit that has to be separated from its parent company. Corporate development The in-house team that finds, runs and integrates a company's acquisitions and partnerships. Distressed M&A Buying or selling a business in financial trouble, often under time pressure or in insolvency.