Illuminated office buildings at Canary Wharf, London at Night

Episode 60 — PE Views: Is the CMA’s Focus on Roll-Up Transactions Here to Stay?

November 10, 2023
The CMA increasingly reviews PE mergers, including historic roll-up deals, prompting sponsors to reassess merger control risks.

The UK’s Competition and Markets Authority (CMA) has increasingly asserted its jurisdiction to review private equity buy-and-build transactions, including completed deals, citing competition concerns and protection against perceived threats to consumers. With regulators in the US and elsewhere voicing similar concerns, PE firms and portfolio companies must now consider the heightened risk of enforcement action in the merger control context.

In this episode of Connected With Latham, London private equity partner David Walker speaks to London counsel Ludmilla Le Grand about the CMA’s key tests for initiating review of a roll-up transaction, as well as the impact of a CMA investigation on acquirers and how private equity firms should approach merger control risk.

Listen here or subscribe via Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts.