This blog explores the persistent challenge of killer acquisitions within the EU merger control framework.
By Noah Belling
This blog explores the persistent challenge of killer acquisitions within the EU merger control framework. Killer acquisitions are transactions where dominant firms acquire innovative startups to eliminate future competition. Despite growing awareness of their anti-competitive potential, many such deals escape scrutiny due to outdated turnover-based notification thresholds under the EU Merger Regulation. This blog examines the enforcement gap highlighted by the overturning of the General Court’s judgment in Illumina/Grail, where the Court of Justice of the European Union overturned the Commission’s attempt to review a below-threshold merger under Article 22 of the EU Merger Regulation. It briefly considers emerging national approaches and ongoing policy debates, including proposals for deal-value thresholds and enhanced Article 102 (ex-post) enforcement. As the EU seeks to balance innovation and competition, reforming its merger control regime is becoming increasingly urgent to prevent harmful acquisitions from slipping below the regulatory radar.