Mergers & Acquisitions

2025 was a fascinating year for UK competition and consumer enforcement, with the CMA changing its policies and practices in a number of areas. Our Year in Review summarises the most important developments of the past year and what we expect in 2026, as the CMA implements its reworked procedures for merger and market cases, begins to use its new consumer fining powers, and imposes digital conduct requirements for the first time. We also anticipate a Government consultation on significant changes to the decision-making model for mergers and markets.

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we submitted our observations on Topic Paper G – Public Policy, Security, and Labour Market Considerations.

On 16 October 2025, the CMA launched a public consultation on its draft revised Merger Remedies Guidance (the Draft Guidance).[1]  The revision reflects the Government’s call for a more business-friendly, pro-growth approach to merger control.[2]

Introduction

In May 2025, the Commission launched a public consultation on possible reforms to its merger guidelines, covering seven core topics that underpin how the Commission assesses the competitive impact of mergers.[1] On October 29, the Commission summarized the main trends of the 243 responses[2] it received.[3] The highlights are as follows:

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic Paper E – Digitalization.

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic Paper D – on Sustainability and Clean Technologies.