The CMA’s new MAGs: Five things to bear in mind for your next deal

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The new Merger Assessment Guidelines are out. Revised guidelines are long overdue, as the outgoing MAGs have a Jurassic quality in dating back to September 2010. As even casual observers - let alone avid readers of Platypus – might have spotted, CMA merger policy and decisional practice (emphasis on closeness of competition and dynamic issues among other things) has evolved considerably since then. The consultation on the new Draft MAGs ran over November – January and as readers will have no doubt seen, led to a plethora of feedback (including this and this response, which some of our very own Platypus contributed to) and a lot of commentary from lawyers and economists alike. While in many ways the content of the new MAGs simply codifies the approach to merger review seen in recent years - giving the CMA an (even) stronger position in any merger control judicial review going forward - the combined effect of the changes made is stark. So, what are the top five things to be aware of going into your next deal now the new MAGs are here to rule the roost? Platypus is here to help.