Private Equity Firms Facing More Questions in FTC Merger Reviews

The Federal Trade Commission is ramping up its scrutiny of private equity mergers and acquisitions, in keeping with the Biden administration’s focus on stricter antitrust enforcement.

The FTC has started asking a broader set of questions about the private equity firms behind large deals that are subject to the agency’s prior approval under its merger review rules.

Historically, the FTC’s merger reviews—authorized by the Hart-Scott-Rodino Act—largely have focused on competition issues created by the deal in question, according to Debevoise & Plimpton LLP partner Erica Weisgerber and other attorneys familiar with HSR reviews.

The agency expanded its investigation beyond the ...