By the Numbers: 4 Antitrust Battles Seized the Spotlight in 2023

Antitrust scrutiny from Lina Khan’s Federal Trade Commission caused consternation among companies trying to do deals in 2023.

Some tie-ups were slowed, abandoned or stuck in litigation. In other instances, companies found themselves on the winning side.

In a year that will be remembered for Khan’s lawyers carefully scrutinizing transactions, here are noteworthy deals in 2023.

1. Adobe-Figma

Adobe Inc.'s $20 billion proposed purchase of collaborative design platform Figma Inc. came to a halt after the firms said they found “no clear path” for antitrust approvals in Europe and the UK. That deal was likely to also draw scrutiny from the US regulator, which has been aggressive in following Big Tech acquisitions.

The UK’s Competition and Markets Authority said the deal would harm innovation for the software, which is popularly used by digital designers. Adobe said it would pay a $1 billion termination fee to Figma, which will continue to operate alone as an independent company.

2. Microsoft-Activision

The FTC and Microsoft Corp. spent nearly two years going back and forth over Microsoft’s proposed acquisition of Activision Blizzard Inc., the developer of video games such as Call of Duty and World of Warcraft.

The FTC argued that the deal would allow Microsoft to suppress competitors to its Xbox gaming consoles and cloud-gaming offerings. But the deal closed after the companies quelled hesitations from UK and European regulators. The CMA greenlit the $69 billion transaction.

It was a big loss for the FTC, which in July asked a San Francisco federal district court for a preliminary injunction to stop the companies from closing the deal without full approval, to no avail. It then took the case to the US Appeals Court for the 9th Circuit, which also denied a motion to temporarily stop the closing of the transaction.

3. Amgen-Horizon Therapeutics

Amgen Inc. in October announced the completion of its $27.8 billion acquisition of Horizon Therapeutics Plc. after receiving a nod of approval from the FTC, but with strings attached.

The FTC filed a lawsuit claiming the acquisition would allow Amgen to stifle pharmaceutical competition. The regulator came to an agreement with Amgen and suspended the suit, based on the condition that it cannot bundle two of Horizon’s key drugs, thyroid eye disease treatment Tepezza and gout treatment Krystexxa.

4. Meta Platforms-Within

The FTC’s failed attempt to block Meta Platforms from purchasing virtual reality company Within Unlimited was a high profile loss for the FTC when a district judge in California ruled against the commission.

The regulator had argued that Meta was already a key player in virtual reality and that the acquisition would reduce competition in a developing market for such technologies. US District Judge Edward Davila said the commission lacked evidence showing the deal would hurt competition in the virtual-reality business.