Posted by

Theodore A. Gebhard*

On May 23, 2024, the Department of Justice and the Federal Trade Commission announced that they were jointly launching an inquiry into the potential competitive effects of serial acquisitions and roll-up strategies. The inquiry will assess the potential antitrust liability arising from such acquisitions. The Agencies’ public announcement defines serial acquisitions and roll-up strategies as follows:

“Serial acquisitions and roll-ups are a form of corporate consolidation where a company becomes larger — and potentially dominant — by buying several smaller firms in the same or related sectors or industries.”

The link below is to a letter written by former federal antitrust enforcers to the DOJ and the FTC responding to the Agencies’ request for comments on their inquiry. The former enforcers urge the Agencies to conduct the inquiry in such a way so as to build confidence in its objectivity and comprehensiveness. I am a signatory on the letter.  I encourage readers of this post to read the letter in its entirety. TAG


FTC Alumni Comments on Serial Acquisitions


[Note: The alumni comments are cross-posted at Truth on the Market.]


* Theodore A. Gebhard is an attorney and economist.  See his mini-bio on the Contributors page.