The Federal Trade Commission and the Department of Justice's Antitrust Division released their 47th Annual Hart-Scott-Rodino Report, revealing that federal agencies took 32 merger enforcement actions during fiscal year 2024 to prevent deals that could harm competition across key sectors of the American economy.
The comprehensive annual report provides detailed data on the agencies' merger enforcement efforts through the Premerger Notification Program, which requires companies to notify federal regulators of transactions that could substantially lessen competition in violation of federal antitrust law.
According to the report, companies notified the agencies of 2,031 transactions under the Hart-Scott-Rodino Act during fiscal year 2024. Approximately one-fourth of these deals were valued at more than $1 billion, highlighting the substantial scale of merger activity subject to federal antitrust review.
The enforcement actions targeted deals across critically important sectors of the economy, including healthcare, groceries, technology, labor, and manufacturing. This broad scope demonstrates the agencies' commitment to maintaining competitive markets that benefit consumers across multiple industries.
The FTC brought 18 of the 32 total enforcement actions during the fiscal year. Of these FTC cases, six resulted in administrative or federal court litigation as the agency pursued formal legal proceedings to block the transactions. In the remaining 12 FTC cases, the involved parties either abandoned their proposed deals entirely or agreed to restructure the transactions to address antitrust concerns raised by the agency.
The DOJ's Antitrust Division was responsible for the remaining 14 enforcement actions, working alongside the FTC to scrutinize potentially harmful mergers and acquisitions across the economy.
The Hart-Scott-Rodino Act requires companies to file premerger notifications with both agencies when deals meet certain size thresholds, giving federal regulators the opportunity to review transactions before they close. This advance notice system allows the FTC and DOJ to investigate deals that could create monopolies, eliminate competition, or otherwise harm consumers through higher prices, reduced innovation, or decreased quality.
The statistical data in the report profiles HSR filings and investigations throughout fiscal year 2024, providing transparency into the agencies' enforcement priorities and outcomes. The report's appendices include a summary of transactions over the past 10 years, offering perspective on longer-term trends in merger activity and enforcement patterns.
The document also details the number of transactions reported by industry group, allowing stakeholders to understand which sectors face the most scrutiny and enforcement activity from federal antitrust regulators.
The healthcare sector has been a particular focus for both agencies, as consolidation in hospitals, pharmaceutical companies, and medical device manufacturers can directly impact patient access to care and prescription drug prices. Similarly, enforcement in the grocery sector addresses concerns about food prices and access to essential goods for consumers nationwide.
Technology sector enforcement reflects ongoing concerns about market concentration among major platforms and digital services that millions of Americans use daily. The agencies' attention to labor markets addresses how mergers can affect worker wages, benefits, and job opportunities.
Manufacturing enforcement ensures that consolidation doesn't eliminate competition in industries that supply essential goods and materials throughout the economy.
The Commission approved the report's release by a unanimous 3-0 vote, demonstrating bipartisan support for transparency in antitrust enforcement activities.
For businesses considering mergers or acquisitions, the report serves as a guide to understanding federal enforcement priorities and the likelihood of regulatory challenges in different industries. Companies can use this data to better assess antitrust risks and structure deals to avoid problematic competitive effects.
Consumer advocacy groups view the enforcement statistics as evidence that federal agencies are actively working to prevent harmful consolidation that could lead to higher prices, reduced choices, or diminished innovation in markets that affect daily life.
The report's publication continues a tradition dating back 47 years, providing consistent annual documentation of federal merger enforcement activities. This historical record allows researchers, policymakers, and the public to track changes in enforcement patterns and understand how antitrust policy evolves over time.
Looking ahead, the data provides insight into how aggressively federal agencies are likely to continue reviewing large transactions, particularly in sectors deemed critical to consumer welfare and economic competition. The substantial number of enforcement actions signals that companies should expect continued scrutiny of deals that could concentrate market power or eliminate meaningful competition.
The Hart-Scott-Rodino reporting system remains a cornerstone of American antitrust enforcement, giving federal regulators the tools and information necessary to protect competitive markets that benefit consumers, workers, and the broader economy.