A&O Shearman's Global trends in merger control enforcement 2026

In this eleventh edition of the report, A&O Shearman's antitrust experts address the important issues shaping merger control enforcement and the ability of corporate and investment deal professionals to conclude transactions.

The report finds that in 2025, merger control enforcement saw a dramatic shift toward a more permissive approach as governments in key jurisdictions prioritize domestic growth, innovation and competitiveness. The total number of deals prohibited or abandoned due to antitrust concerns dropped by over half to just 16—down from 39 in 2024, and the number of conditional clearances rose.

The question now is how dealmakers can capitalize on this more favorable environment while navigating continued uncertainties around geopolitics and evolving national priorities.

Global trends in merger control enforcement 2026 analyzes data from 26 jurisdictions to give a unique insight into current trends as well as an outlook for the future.

Dominic Long, global head of antitrust at A&O Shearman, commented: “2025 marked a major transition toward a more permissive approach. Fewer deals were frustrated, more were conditionally cleared, and antitrust authorities showed greater openness to creative remedy packages. But the regulatory landscape remains complex. Tech M&A, plus transactions in sectors directly impacting consumer spend, such as healthcare, food, and energy, continue to face close scrutiny. Geopolitics and developing domestic industrial and economic policy considerations, as well as tough new regimes, are adding layers of unpredictability. Early risk assessment and remedy planning are essential.”

Other significant insights in the report include:

• how politics are playing into lighter touch merger control enforcement, with deal mortality rates plummeting in the U.S., the European Commission rethinking its approach to assessments, and the UK CMA adopting a new “4Ps” framework promoting pace, predictability, proportionality and process
• the revival of merger remedies, with behavioral commitments or hybrid remedies accepted in 57% of conditional clearances—the second consecutive year where more than half of remedy cases included at least some elements of a behavioral fix
• how tech, healthcare, and consumer sector deals face intense antitrust scrutiny, with nearly a third of all frustrated deals in the life sciences sector
• the continued risk of below-threshold merger control reviews, particularly in China and the EU, where use of call-in powers creates uncertainty for dealmakers
• record fines for procedural merger control violations, with authorities imposing USD62.7 million in sanctions—more than double the 2024 total
• how merger control processes are impacting deal timelines, with many straightforward reviews speeding up, but complex transactions facing delays and pressure on long-stop dates
• the challenges presented by foreign direct investment screening regimes and the EU Foreign Subsidies Regulation
• shifts in deal protections, with “hell or high water” commitments declining while use of reverse break fees shot up.