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INTRODUCTION

The Hart-Scott-Rodino Antitrust Improvements Act of 1976, Pub. L. No. 94-435 (HSR Act

or the Act), together with Section 13(b) of the Federal Trade Commission Act and Section 15 of

the Clayton Act, enables the Federal Trade Commission (FTC or Commission) and the Antitrust

Division of the Department of Justice (Antitrust Division or Division) to prevent anticompetitive

mergers, acquisitions, and other types of transactions and to prevent interim harm to

competition associated with those transactions. The premerger notification program was

instrumental in alerting the Commission and the Division to transactions that became the

subjects of numerous enforcement actions brought in fiscal year 2021. 1

The Commission and the Antitrust Division continue their efforts to identify and

investigate those mergers, acquisitions, and other types of transactions that raise competition

concerns. In fiscal year 2021, a record-breaking 3,520 transactions were reported under the

HSR Act, representing about a 115 percent increase from the 1,637 transactions reported in

fiscal year 2020. See Figure 1 below.

HSR Merger Transactions Reported

Fiscal Years 2012-2021

4,000

3,520

3,500

Number of Transactions

3,000

2,500

2,052

1,801

2,000

2,111

2,089

1,832

1,663

1,429

1,500

1,637

1,326

1,000

500

2012

2013

2014

2015

2016

2017

2018

2019

Fiscal Year

Fiscal year 2021 covered the period from October 1, 2020 through September 30, 2021.

2020

2021

(Figure 1)

During fiscal year 2021, the Commission brought 18 merger enforcement challenges:2 5

in which it issued final consent orders after a public comment period; 7 in which the transaction

was abandoned or restructured as a result of antitrust concerns raised during the investigation;

and 6 in which the Commission initiated administrative or federal court litigation. These

enforcement actions addressed competition in numerous sectors of the economy, including

consumer goods and services, pharmaceuticals, healthcare, high tech and industrial goods, and

energy.

In November 2020, the FTC issued an administrative complaint and authorized staff to

seek a preliminary injunction to prevent the proposed acquisition of two Tenet-owned

Memphis-area hospitals by Methodist Healthcare. The complaint alleged that the acquisition

would have likely eliminated competition for a broad range of inpatient hospital services

requiring an overnight stay. Shortly after the Commission filed its complaint, the parties

abandoned the transaction.

In December 2020, the FTC filed an administrative complaint and authorized staff to

seek a preliminary injunction to prevent the merger of Procter & Gamble and Billie. The

complaint alleged that the proposed merger would have eliminated the head-to-head

competition between Procter & Gamble and Billie for the sale of women’s razors. In addition,

the proposed merger would likely have eliminated Billie’s growing threat to Procter & Gamble’s

dominant market share as it planned on entering the retail channel. Shortly after the

Commission filed its complaint, the parties abandoned the transaction.

Also in December, the Commission filed an administrative complaint and authorized

staff to seek a preliminary injunction to block Hackensack Meridian Health’s acquisition of a

community hospital operated by Englewood Healthcare Foundation in Bergen County, New

Jersey. The complaint alleged that the proposed acquisition would substantially lessen

competition for inpatient general acute care services in Bergen County. After an evidentiary

hearing on the preliminary injunction motion, the district court granted the injunction and the

defendant hospitals appealed. In March 2022, the Third Circuit affirmed, finding that the FTC

had established the merger was presumptively unlawful and the defendants had failed to rebut

the FTC’s “strong prima facie case.” 3

The Antitrust Division addressed anticompetitive mergers in a variety of industries,

including agriculture, health care, financial services, technology, food, manufacturing, and

waste management. During fiscal year 2021, the Division challenged 14 merger transactions:

two in which it filed lawsuits in federal court to block the transactions; nine in which it filed a

consent decree (i.e. filed a complaint and proposed settlement simultaneously in federal

district court); and three in which the transaction was restructured in the face of the Division’s

competition concerns.

To avoid double-counting, this Report includes only those merger enforcement actions in which the Commission

or the Antitrust Division took its first public action during fiscal year 2021.

FTC v. Hackensack Meridian Health, Inc. v. Englewood Healthcare Foundation, No. 21-2603 (3d Cir. Mar. 22,

2022).

In November 2020, the Division challenged Visa Inc.’s proposed acquisition of Plaid Inc.,

alleging that the proposed acquisition would have violated Section 2 of the Sherman Act as well

as Section 7 of the Clayton Act. While Plaid did not compete with Visa at the time, Plaid

planned to leverage its existing technology—including connections to 200 million consumer

bank accounts in the U.S.—to launch an online debit product that would compete with Visa at a

lower cost to merchants. The complaint alleged that Visa sought to unlawfully maintain its

monopoly in the market for online debit services by acquiring Plaid to eliminate it as a nascent

competitive threat. The parties abandoned their transaction after the complaint was filed.

In June 2021, the Division sued to block Aon plc’s proposed acquisition of Willis Towers

Watson plc. The complaint alleged that the merger would have combined two of the “Big

Three” global insurance broking and consulting firms, threatening to increase prices and reduce

quality for businesses seeking to manage their risks and provide their employees with

competitive health and retirement benefits. The parties abandoned the transaction before the

trial commenced.

The Commission’s Premerger Notification Office (PNO) website 4 includes instructions for

completing the HSR form, information on the HSR rules, current filing thresholds, filing fee

instructions, and procedures for submitting post-consummation filings. The website also

provides frequently asked questions regarding HSR filing requirements, the number of HSR

transactions submitted each month, and contact information for PNO staff. 5

BACKGROUND OF THE HSR ACT

Section 201 of the HSR Act amended the Clayton Act by adding a new Section 7A, 15

U.S.C. § 18a. In general, the HSR Act requires that certain proposed acquisitions of voting

securities, non-corporate interests, or assets be reported to the Commission and the Antitrust

Division prior to consummation. The parties must then wait a specified period, usually 30 days

(15 days in the case of a cash tender offer or bankruptcy sale), before they may complete the

transaction. Whether a particular acquisition is subject to these requirements depends on the

value of the acquisition and, in certain acquisitions, the size of the parties as measured by their

sales and assets. Acquisitions valued below a certain threshold, acquisitions involving parties

with assets and sales below a certain threshold, and certain classes of acquisitions that are less

likely to raise antitrust concerns are excluded from the Act’s coverage.

The Commission, with the concurrence of the Assistant Attorney General for the

Antitrust Division, promulgated final rules implementing the premerger notification program on

July 31, 1978. At that time, a comprehensive Statement of Basis and Purpose was published,

containing a section-by-section analysis of the rules and an item-by-item analysis of the filing

See https://www.ftc.gov/enforcement/premerger-notification-program.

Resource materials are available on the PNO website; in addition, PNO staff is always available to help HSR

practitioners comply with HSR notification requirements.

form. 6 The program became effective on September 5, 1978. The Commission, with the

concurrence of the Assistant Attorney General, has amended the rules and the filing form on

many occasions over the years to improve the program’s effectiveness and to lessen the

burden of complying with the rules, while ensuring that the agencies get all the information

they need to analyze the underlying transaction. 7

The primary purpose of the statutory scheme, as the legislative history makes clear, is to

provide the antitrust enforcement agencies with the opportunity to identify and review

potentially anticompetitive mergers and acquisitions before they are consummated. The

premerger notification program, with its filing and waiting period requirements, facilitates this

goal.

If either reviewing agency determines during the waiting period that further inquiry is

necessary, the reviewing agency is authorized by Section 7A(e) of the Clayton Act to issue a

request for additional information and documentary material (Second Request). 8 The Second

Request extends the waiting period for a specified period of time (usually 30 days, but 10 days

in the case of a cash tender offer or bankruptcy sale) after all parties have complied with the

Second Request (or, in the case of a tender offer or bankruptcy sale, after the acquiring person

complies). This additional time provides the reviewing agency with the opportunity to analyze

the information and to take appropriate action before the transaction is consummated. If the

reviewing agency believes that a proposed transaction may substantially lessen competition,

the agency may seek an injunction in federal district court to prohibit consummation of the

transaction. The Commission also may challenge the transaction in administrative litigation.

A STATISTICAL PROFILE OF THE PREMERGER NOTIFICATION PROGRAM

The appendices to this Report provide a statistical summary of the operation of the

premerger notification program. Appendix A shows, for the ten-year period covering fiscal

years 2012-2021, the number of transactions reported; the number of filings received; the

number of merger investigations in which Second Requests were issued; and the number of

transactions in which requests for early termination of the waiting period were received,

granted, and not granted. 9 Appendix A also shows the number of transactions in which Second

Requests could have been issued, as well as the percentage of transactions in which Second

Requests were issued. Appendix B provides a month-by-month comparison of the number of

transactions reported and the number of filings received for fiscal years 2012 through 2021.

43 Fed. Reg. 33450 (July 31, 1978).

See https://www.ftc.gov/enforcement/premerger-notification-program/statute-rules-and-formalinterpretations/statements-basis-purpose.

15 U.S.C. §18a(e)(1)(a) (“The Federal Trade Commission or the Assistant Attorney General may, prior to the

expiration of the 30-day waiting period (or in the case of a cash tender offer, the 15-day waiting period)…require

the submission of additional information or documentary material relevant to the proposed acquisition”).

The term “transaction,” as used in Appendices A and B and Exhibit A to this Report, does not refer only to

individual mergers or acquisitions. A particular merger, joint venture, or acquisition may be structured such that it

involves more than one filing that must be made under the HSR Act.

The statistics set out in these appendices show that the number of transactions

reported in fiscal year 2021 increased 115 percent from the number of transactions reported in

fiscal year 2020. In fiscal year 2021, 3,520 transactions were reported, while 1,637 were

reported in fiscal year 2020. 10 Of the 3,520 reported transactions, Second Requests could have

been issued in 3,413 of them. The statistics in Appendix A also show that the number of

merger investigations in which Second Requests were issued in fiscal year 2021 increased from

the previous year. Second Requests were issued in 65 merger investigations in fiscal year 2021

(42 issued by the FTC and 23 issued by the Antitrust Division), while Second Requests were

issued in 48 merger investigations in fiscal year 2020 (23 issued by the FTC and 25 issued by the

Antitrust Division). This is the largest number of Second Requests issued by the Agencies in

twenty years. See Figure 2 below. With additional resources, the FTC and Antitrust Division

likely would have issued a much greater number of second requests, given the historic increase

in the absolute number of transactions.

Percentage of Transactions Resulting in Second Request

Fiscal Years 2012-2021

4.5%

3.7%

4.0%

3.5%

Percent of Transactions

3.5%

3.0%

3.2%

3.0%

2.7%

3.0% 3.0%

2.6%

2.2%

2.5%

1.9%

2.0%

1.5%

1.0%

0.5%

0.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fiscal year

(Figure 2)

This Report, like previous Reports, also includes annual data on “adjusted transactions in which a Second

Request could have been issued” (adjusted transactions). See Appendix A & Appendix A n.2 (explaining calculation

of that data). There were 3,413 adjusted transactions in fiscal year 2021, and the data presented in the Tables and

the percentages discussed in the text of this Report (e.g., percentage of transactions resulting in Second Requests)

are based on this figure.

The statistics in Appendix A show that early termination of the waiting period is

requested in the majority of transactions. In fiscal year 2021, early termination was requested

in 62.2 percent (2,124) of the adjusted transactions reported. In fiscal year 2020, early

termination was requested in 71.7 percent (1,133) of the transactions reported. The

percentage of requests granted out of the total requested decreased from 76.0 percent in fiscal

year 2020 to 19.6 percent in fiscal year 2021, due to a suspension of the granting of early

termination in February 2021, except in situations where merging parties entered into a

consent order or the parties resolved the investigating agency’s concerns prior to fully

complying with a Second Request. 11

The tables (Tables I through XI) in Exhibit A contain information regarding the agencies’

enforcement activities for transactions reported in fiscal year 2021. The tables provide, for

example, various characteristics of transactions, the number and percentage of transactions in

which one antitrust agency granted the other clearance to commence an investigation, and the

number of merger investigations in which either agency issued Second Requests. Table III of

Exhibit A shows that in fiscal year 2021, the agencies received clearance to conduct an initial

investigation in 7.9 percent of the total number of transactions reported. The tables also

provide the number of transactions based on the dollar value of transactions reported and the

reporting threshold indicated in the notification report. In fiscal year 2021, the aggregate dollar

value of reported transactions was $3.04 trillion. 12

Tables X and XI provide the number of transactions by industry group in which the

acquiring person or the acquired entity derived the most revenue. Figure 3 illustrates the

percentage of adjusted transactions within industry groups for fiscal year 2021 based on the

acquired entity’s operations. 13

See https://www.ftc.gov/enforcement/competition-matters/2021/03/hsr-early-termination-after-secondrequest-issues.

The information on the value of reported adjusted transactions for fiscal year 2021 is drawn from a database

maintained by the Premerger Notification Office.

The category designated as “Other” consists of industry segments that include construction, educational

services, performing arts, recreation, and other non-classifiable businesses.

Percentage of Transactions By Industry Group of Acquired Entity

Chemicals &

Pharmaceuticals, 4.4%

Health Services, 4.7%

Energy & Natural

Resources, 4.2%

Transportation, 2.2%

Consumer Goods &

Services, 32.4%

Information

Technology, 9.1%

Other, 23.3%

Manufacturing, 9.9%

Banking & Insurance,

9.7%

(Figure 3)

DEVELOPMENTS WITHIN THE PREMERGER PROGRAM

Threshold Adjustments

The 2000 amendments to the HSR Act require the Commission to publish adjustments

to the Act’s jurisdictional and filing fee thresholds in the Federal Register annually, for each

fiscal year beginning on September 30, 2004, based on the change in the gross national

product, in accordance with Section 8(a)(5) of the Clayton Act. The Commission amended the

rules in 2005 to provide a method for future adjustments as required by the 2000 amendments,

and to reflect the revised thresholds contained in the rules. The Commission usually publishes

the revised thresholds annually in January, and they become effective 30 days after publication.

On February 2, 2021, the Commission published a notice 14 to reflect adjustment of the

reporting thresholds as required by the 2000 amendments15 to Section 7A of the Clayton Act,

15 U.S.C. § 18a. The revised thresholds, including a decrease in the size of transaction

threshold from $94 million to $92 million, became effective March 4, 2021. The thresholds are

calculated based on the prior year’s GNP. This decrease in 2021 reflected the economic

slowdown due to the pandemic. A reduction in the thresholds is unusual. The last time the

reporting thresholds dropped was in 2009 due to the recession of 2008.

Compliance

The Commission and the Antitrust Division continued to monitor compliance with the

premerger notification program’s filing and waiting period requirements and initiated a number

of investigations in fiscal year 2021. The agencies use several methods to oversee compliance,

including monitoring news outlets and industry publications for transactions that may not have

been reported in accordance with the HSR Act’s requirements. Industry sources, such as

competitors, customers, and suppliers, interested members of the public, and, in certain cases,

the parties themselves, also provide the agencies with information about transactions and

possible violations of the Act’s requirements.

Under Section 7A(g)(1) of the Act, any person that fails to comply with the Act’s

notification and waiting period requirements is liable for a civil penalty of up to $46,517 for

each day the violation continues. 16 The antitrust agencies examine the circumstances of each

86 Fed. Reg. 7870 (Feb. 2, 2021).

15 U.S.C. §18a(a). See Pub. L. No. 106-553, 114 Stat. 2762.

Dollar amounts specified in civil monetary penalty provisions within the Commission’s jurisdiction are adjusted

for inflation in accordance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015,

Pub. L. No. 114-7 (Nov. 2, 2015). The adjustments have included an increase in the maximum civil penalty from

$10,000 to $11,000 for each day during which a person is in violation of Section 7A(g)(1) (61 Fed. Reg. 54548 (Oct.

21, 1996), corrected at 61 Fed. Reg. 55840 (Oct. 29, 1996)), to $16,000 effective February 10, 2009 (74 Fed. Reg.

857 (Jan. 9, 2009)), to $40,000 effective August 1, 2016 (81 Fed. Reg. 42476 (June 30, 2016)), to $43,792 effective

Jan. 13, 2021 (86 Fed. Reg. 2880 (Jan. 13, 2021)) and to $46,517 effective January 10, 2022, (87 Fed. Reg. 1070

(Jan. 10, 2022).

violation to determine whether to seek penalties. During fiscal year 2021, 41 postconsummation “corrective” filings were received, and the agencies brought one enforcement

action, resulting in more than $600,000 in civil penalties.

In United States v. Richard D. Fairbank, 17 the complaint alleged that Mr. Fairbank, the

CEO of Capital One Financial Corporation, violated the HSR Act by failing to file for an

acquisition of additional voting securities of Capital One Financial when his holdings crossed the

relevant threshold. Mr. Fairbank had previously failed to file HSR Forms for acquisitions of

Capital One Financial voting securities as part of his compensation package. Under the terms of

a negotiated settlement, Mr. Fairbank will pay a $637,950 civil penalty. On December 15, 2021,

the court entered the final judgment.

MERGER ENFORCEMENT ACTIVITY18

The Department of Justice

During fiscal year 2021, the Antitrust Division challenged 14 merger transactions that it

concluded may have substantially lessened competition or tended to create a monopoly if

allowed to proceed as proposed. In two of these challenges, the Antitrust Division filed a

complaint in the U.S. district court and the parties abandoned the proposed transactions.

Three challenges were resolved after the parties restructured the proposed transactions in the

face of the Division’s competitive concerns. The Division also accepted consent decrees to

resolve nine other matters.

In United States v. Visa Inc. and Plaid Inc., 19 the Division filed suit to block Visa Inc.’s $5.3

billion proposed acquisition of Plaid Inc. The complaint alleged that Visa is a monopolist in

online debit services and sought to protect its monopoly by acquiring Plaid, a nascent

competitor developing a disruptive and innovative, lower-cost option for online debit

payments. The complaint also alleged that the acquisition, if allowed to proceed, likely would

have enabled Visa to raise prices, increase barriers to entry, and reduce quality, service, choice

and innovation in the online debit market. On January 12, 2021, Visa and Plaid terminated their

merger agreement and abandoned the proposed acquisition.

In United States v. Aon plc and Willis Towers Watson plc, 20 the Division filed a lawsuit to

enjoin Aon plc (Aon) from acquiring Willis Towers Watson plc. (Willis). The complaint alleged

that the proposed acquisition would have combined two of the three largest insurance brokers

in the world. The complaint further alleged that combination would have eliminated

United States v. Richard D. Fairbank, No. 1:21-cv-02325 (D.D.C. filed on Sept. 2, 2021),

https://www.ftc.gov/enforcement/cases-proceedings/2010065/richard-d-fairbank-us-v.

The cases listed in this section were not necessarily reportable under the premerger notification program. Given

the confidentiality of information obtained pursuant to the Act, it would be inappropriate to identify the cases

initiated under the program except in those instances in which that information has already been disclosed.

United States v. Visa Inc. and Plaid Inc., 3:20-cv-07810 (N.D. Cal. filed Nov. 5, 2020).

United States v. Aon plc and Willis Towers Watson plc, No. 1:21-cv-01633 (D.D.C. filed June 16, 2021).

substantial head-to-head competition between Aon and Willis resulting in higher prices and less

innovation in five relevant product markets (1) property, casualty, and financial risk broking for

large customers; (2) health benefits broking for large customers; (3) actuarial services for large

single-employer defined benefit pension plans; (4) the operation of private multicarrier retiree

exchanges; and (5) reinsurance broking. On July 26, 2021, Aon and Willis abandoned the

proposed acquisition.

The Division accepted for public comment and finalized consent decrees in the following

nine merger matters.

In United States v. Liberty Latin America Ltd., Liberty Communications of Puerto Rico LLC,

and AT&T Inc., 21 the Division challenged the proposed acquisition of AT&T Inc.’s (AT&T)

wireless and wireline telecommunications operations in Puerto Rico and U.S. Virgin Islands by

Liberty Latin America Ltd. (Liberty). A proposed final judgment, filed concurrently with the

complaint on October 23, 2020, required Liberty to divest fiber network assets and customer

accounts in Puerto Rico. The court entered the final judgment on February 3, 2021.

In United States, State of Florida, State of Illinois, State of Minnesota, Commonwealth of

Pennsylvania and State of Wisconsin v. Waste Management, Inc. and Advanced Disposal

Services, Inc.,22 the Division along with the attorneys general of Florida, Illinois, Minnesota,

Pennsylvania, and Wisconsin, challenged the proposed acquisition of Advanced Disposal

Services, Inc. (ADI) by Waste Management, Inc. (WMI). Under the terms of a proposed final

judgment filed simultaneously with the complaint on October 23, 2020, the parties agreed to

divest specified commercial waste collection and municipal solid waste disposal assets in ten

different states to GFL Environmental Inc., or an alternative acquirer acceptable to the United

States. The court entered the final judgment on May 3, 2021.

In United States v. Intuit Inc. and Credit Karma, Inc., 23 the Division challenged Intuit

Inc.’s proposed acquisition of Credit Karma, Inc. The Division filed a complaint and proposed

final judgment on November 25, 2020. The decree required Intuit to divest its CKT business to

Square, Inc. or an alternative acquirer acceptable to the United States. The court entered the

final judgment on August 2, 2021.

In United States and State of New Hampshire v. Harvard Pilgrim Health Care, Inc. and

Health Plan Holdings, Inc., 24 the Division and the State of New Hampshire challenged the

proposed merger of Harvard Pilgrim Health Care and Health Plan Holdings (f/k/a Tuffs Health

Plan). On December 14, 2020, a proposed final judgment was filed simultaneously with the

United States v. Liberty Latin America Ltd., Liberty Commc’ns of Puerto Rico LLC, and AT&T Inc., No. 1:20-cv03064 (D.D.C. filed Oct. 23, 2020).

United States, State of Florida, State of Illinois, State of Minnesota, Commonwealth of Pennsylvania and State of

Wisconsin v. Waste Mgmt., Inc. and Advanced Disposal Servs., Inc., No. 1:20-cv-03063 (D.D.C. filed Oct. 23, 2020).

United States v. Intuit Inc. and Credit Karma, Inc., No. 1:20-cv-03441 (D.D.C filed Nov. 25, 2020).

United States and State of New Hampshire v. Harvard Pilgrim Health Care, Inc. and Health Plan Holdings, Inc.,

No. 1:20-cv-01183 (D. N.H. filed Dec. 14, 2020).

complaint. The terms of the settlement required the parties to divest Health Plan Holdings’

New Hampshire subsidiary, Tufts Health Freedom Plans, Inc. to UnitedHealth Group, Inc. or an

alternative acquirer acceptable to the United States. The court entered the final judgment on

March 22, 2021.

In United States and State of Alabama v. Republic Services, Inc. and Santek Waste

Services, LLC,25 the Division along with the State of Alabama challenged the proposed

acquisition of Santek Waste Services, LLC (Santek) by Republic Services, Inc. (Republic). A

proposed final judgment, filed simultaneously with the complaint on March 31, 2021, required

the parties to divest specified commercial waste collection and municipal solid waste disposal

assets in five different states. The court entered the final judgment on July 1, 2021.

In United States v. Stone Canyon Indus. Holdings LLC, SCIH Salt Holdings Inc., K+S

Aktiengesellschaft and Morton Salt, Inc., 26 the Division challenged the acquisition of K+S

Aktiengesellschaft (K+S) Operating Unit Salt Americas business, a bundle of several subsidiaries,

including Morton Salt, Inc. (Morton), by Stone Canyon Industry Holdings LLC (Stone Canyon)

and its portfolio company SCIH Salt Holdings Inc. (SCIH). On April 19, 2021, the Division filed a

complaint and proposed final judgement requiring Stone Canyon and SCIH to divest US Salt,

which comprised their entire evaporated salt business. The court entered the final judgment

on August 10, 2021.

In United States v. Zen-Noh Grain Corp. and Bunge North America, Inc., 27 the Division

challenged the proposed acquisition of 35 operating and 13 idled U.S. grain elevators in nine

states from Bunge North America, Inc. (Bunge) by Zen-Noh Grain Corp. (Zen-Noh). A proposed

final judgment was filed simultaneously with the complaint on June 1, 2021. Pursuant to the

terms of the settlement, Zen-Noh agreed to divest nine grain elevators in nine geographic areas

located in five states along the Mississippi River and its tributaries.

In United States v. Eaton Corp. plc and Danfoss A/S, 28 the Division challenged the

proposed acquisition of Eaton Corporation plc’s (Eaton) hydraulics business by Danfoss A/S

(Danfoss). A proposed final judgment, filed concurrently with the complaint on July 14, 2021,

required the parties to divest assets from both Danfoss’s and Eaton’s orbital motor and

hydraulic steering unit manufacturing businesses. The court entered the final judgment on

October 26, 2021.

In United States v. Gray Television, Inc. and Quincy Media, Inc., 29 the Division challenged

Gray Television, Inc.’s proposed acquisition of Quincy Media, Inc. A proposed final judgment

United States and State of Alabama v. Republic Servs., Inc. and Santek Waste Servs., LLC, No. 1:21-cv-00883

(D.D.C. filed Mar. 31, 2021).

United States v. Stone Canyon Indus. Holdings LLC, SCIH Salt Holdings Inc., K+S Aktiengesellschaft and Morton

Salt, Inc., No. 1:21-cv-01067 (filed Apr. 19, 2021).

United States v. Zen-Noh Grain Corp. and Bunge North America, Inc., No. 1:21-cv-01482 (filed June 1, 2021).

United States v. Eaton Corp. plc and Danfoss A/S, No. 1:21-cv-01880 (D.D.C. July 14, 2021).

United States v. Gray Television, Inc. and Quincy Media, Inc., No. 1:21-cv-02041 (July 28, 2021).

was filed simultaneously with the complaint on July 28, 2021. The terms of the final judgment

required the parties to divest certain broadcast television stations and related assets to

acquirers approved by the United States. The court entered the final judgment on October 25,

2021.

The Federal Trade Commission

During fiscal year 2021, the Commission challenged 18 mergers that may have

substantially lessened competition or tended to create a monopoly if allowed to proceed as

proposed. In six cases, the Commission initiated administrative or federal court litigation, and

seven mergers were abandoned after the Commission raised concerns about their potential for

eliminating beneficial competition. The Commission also accepted consent orders that require

divestitures and other strong relief in five merger cases.

In Methodist/Tenet St. Francis, 30 the Commission filed an administrative complaint

challenging Methodist Le Bonheur’s $350 million proposed acquisition of two Memphis-area

hospitals, known as St. Francis, owned by Tenet Healthcare. The Commission also authorized

staff to seek a preliminary injunction in federal court to maintain the status quo pending the

outcome of the administrative trial. The complaint alleged that the proposed merger would

likely harm competition in the Memphis area for a broad range of inpatient medical and

surgical services that require an overnight hospital stay. The proposed merger would have

eliminated the competitive pressure that has driven quality improvements and lowered

hospital rates in Memphis. Only one other major hospital system, Baptist Memorial, would

meaningfully constrain the combined health system. Shortly after the Commission filed its

complaint, the parties abandoned the transaction.

In CoStar/RentPath, 31 the Commission filed an administrative complaint challenging

CoStar’s $587.5 million proposed acquisition of RentPath. The Commission also authorized

staff to seek a preliminary injunction in federal court to maintain the status quo pending the

outcome of the administrative trial. CoStar and RentPath operate websites that match

prospective renters with available apartments. The complaint alleged that the proposed

merger would likely increase concentration in the already concentrated markets for internet

listing services for apartments in 49 metropolitan areas across the United States. The proposed

merger would have eliminated the aggressive head-to-head competition that has kept

advertising rates low while offering consumers a convenient tool for finding apartments.

Shortly after the Commission filed its complaint, the parties abandoned the transaction.

In the Matter of Methodist Le Bonheur Healthcare and Tenet Healthcare Corporation, FTC Dkt. C-9396 (complaint

filed on Nov. 12, 2020), https://www.ftc.gov/enforcement/cases-proceedings/191-0189/methodist-le-bonheurhealthcare-matter.

In the Matter of CoStar Group, Inc. and RentPath Holdings, Inc., FTC Dkt. C-9398 (complaint filed on Nov. 30,

2020), https://www.ftc.gov/enforcement/cases-proceedings/201-0061/costar-group-rentpath-holdings-matter.

In Hackensack/Englewood, 32 the Commission filed an administrative complaint

challenging Hackensack Meridian Health’s proposed acquisition of Englewood Healthcare

Foundation, two leading providers of inpatient general acute care hospital services in Bergen

County, New Jersey. The Commission also authorized staff to seek a preliminary injunction in

federal court. The complaint alleged that the proposed merger would likely harm competition

because Hackensack and Englewood had a history of competing against each other to improve

quality and services. The combination would eliminate this competition and leave insurers with

few alternatives for inpatient general acute care services. On June 2, 2021, the United States

District Court for the District of New Jersey granted the preliminary injunction. The parties

appealed this decision to the Third Circuit Court of Appeals. On March 22, 2022, the Third

Circuit affirmed the District Court’s decision, and shortly afterwards the parties abandoned the

transaction.

In Procter & Gamble/Billie, 33 the Commission filed an administrative complaint

challenging P&G’s proposed acquisition of Billie, a direct-to-consumer company that began

selling women’s razors and body care products in November 2017. The Commission also

authorized staff to seek a preliminary injunction in federal court. The complaint alleged that

the proposed merger would allow P&G, the market-leading supplier of both women’s and

men’s wet shave razors, to buy Billie, a newer but expanding maker of women’s razors, to

eliminate a growing competitive threat that would result in more choices and better pricing for

consumers. The proposed merger would have also halted Billie’s anticipated expansion into

brick-and-mortar retail stores. Shortly after the Commission filed its complaint, the parties

abandoned the transaction.

In Illumina/Grail, 34 the Commission filed an administrative complaint and authorized

staff to seek a preliminary injunction challenging Illumina’s $7.1 billion proposed acquisition of

Grail, a maker of non-invasive, early detection liquid biopsy that screens for multiple types of

cancer using DNA sequencing. Illumina was the only provider of DNA sequencing that is a

viable option for these multi-cancer early detection (MCED) tests. The complaint alleged that

the proposed merger would likely harm innovation in the market for MCED tests. The federal

district court entered a stipulated TRO and protective order on April 1, 2021. Defendants filed a

motion to transfer the matter to the Southern District of California, which the court granted on

April 20, 2021. The same day, the EC announced that it had accepted requests from member

states that the parties could not implement the transaction before notifying and obtaining

clearance from the Commission. As a result, staff withdrew the TRO and PI court complaint.

The administrative trial began on August 24, 2021, and concluded on September 24, 2021.

Closing arguments took place on June 8, 2022.

In the Matter of Hackensack Meridian Health, Inc. and Englewood Healthcare Foundation, FTC Dkt. C-9399

(complaint filed on Dec. 3, 2020), https://www.ftc.gov/enforcement/cases-proceedings/2010044/hackensackmeridian-health-inc-englewood-healthcare-foundation.

In the Matter of The Procter & Gamble Company and Billie, Inc., FTC Dkt. C-9400 (complaint filed on Dec. 8,

2020), https://www.ftc.gov/enforcement/cases-proceedings/2010042/procter-gamble-co-billie-inc-matter.

In the Matter of Illumina, Inc. and Grail, Inc., FTC Dkt. C-9401 (complaint filed on March 30, 2021),

https://www.ftc.gov/enforcement/cases-proceedings/201-0144/illumina-inc-grail-inc-matter.

In Heidelberg/Keystone, 35 the Commission challenged Heidelberg’s Lehigh Cement

Company’s $151 million acquisition of Keystone Cement Company. The Commission also

authorized staff to seek a preliminary injunction in federal court. The complaint alleged the

proposed merger would likely harm competition in the market for the key ingredient used to

make concrete. Cement is an essential ingredient of concrete and there are no reasonable

substitutes. Lehigh owned and operated multiple facilities that sold concrete in direct

competition with Keystone, including two plants located within 40 miles of Keystone’s Bath,

Pennsylvania plant. The combined firm would have controlled more than 50 percent of cement

sales with two other competitors accounting for most of the other sales. Shortly after the

Commission filed its complaint, the parties abandoned the transaction.

The Commission also accepted for public comment and finalized consent orders in the

following five merger matters.

In Stryker/Wright, 36 the Commission challenged Stryker’s $4 billion proposed acquisition

of Wright. The Commission’s complaint alleged the proposed merger would likely harm

competition for the sale of total ankle replacements and finger joint implants. According to the

complaint, Stryker and Wright were close competitors and this competition led to improved

products, better service, and lower prices for these products. The proposed merger would

have eliminated this competition and would have allowed the combined company to exercise

market power unilaterally. To remedy these concerns, the Commission issued a consent order

requiring the parties to divest all the assets associated with Stryker’s total ankle replacements

and finger joint implants to DJO Global. Following a public comment period, the Commission

approved the final order on December 11, 2020.

In Pfizer/Mylan, 37 the Commission challenged Pfizer’s $900 million proposed

combination with Mylan. The transaction contemplated that Pfizer would spin off its Upjohn

division (Pfizer’s generic business) and combine it with Mylan to form a new company called

Viatris. According to the complaint, the proposed transaction would likely harm competition in

seven generic drug markets and future competition in three generic drug markets. To remedy

these concerns, the Commission issued a consent order requiring the parties to divest rights

and assets in these seven generic drug markets and requires prior Commission approval before

Upjohn, Mylan, or Viatris may gain an interest in or exercise control over any third party’s rights

in the three future generic drug markets. Following a public comment period, the Commission

approved the final order on January 25, 2021.

In the Matter of Heidelberg Cement AG, et. al., FTC Dkt. C-9402 (complaint filed on May 20, 2021),

https://www.ftc.gov/enforcement/cases-proceedings/2010006/heidelbergcement-ag-et-al-matter.

In the Matter of Stryker Corporation, and Wright Medical Group N.V., FTC Dkt. C-4728 (final order issued on Dec.

11, 2020), https://www.ftc.gov/enforcement/cases-proceedings/201-0014/stryker-wright-medical-matter.

In the Matter of Pfizer, Inc. et. al., FTC Dkt. C-4727 (final order issued on Jan. 25, 2021),

https://www.ftc.gov/enforcement/cases-proceedings/191-0182/pfizermylan-matter.

In E. & J. Gallo/Constellation Brands, 38 the Commission challenged Gallo’s $1.4 billion

proposed acquisition of certain assets of Constellation Brands. According to the complaint, the

proposed transaction would have eliminated head-to-head competition for six types of wine

and spirits products. To remedy these concerns, the Commission issued a consent order

requiring Gallo to divest several product lines and remove others from its asset purchase

agreement with Constellation. Following a public comment period, the Commission approved

the final order on April 4, 2021.

In Casey’s/Bucky’s, 39 the Commission challenged Casey’s $580 million proposed

acquisition of Bucky’s. According to the complaint, the proposed merger would likely harm

competition for the retail sale of gasoline in seven local markets in Nebraska and Iowa. The

merger would have also eliminated the retail sale of diesel fuel in four of these markets. To

remedy these concerns, the Commission required the parties to divest six retail fuel outlets,

three Casey’s locations and three Bucky’s outlets, to Western Oil. Following a public comment

period, the Commission approved the final order on June 8, 2021.

In Seven & i/Marathon, 40 the Commission challenged 7-Eleven’s $21 billion proposed

acquisition of Marathon’s Speedway Markets. According to the complaint, the proposed

merger would likely harm competition for the retail sale of fuel in 292 local markets across

twenty states. To remedy these concerns, the Commission issued a consent order requiring

that 7-Eleven and Marathon divest 124 retail fuel outlets to Anabi Oil, 106 outlets to

CrossAmerica, and 62 outlets to Jackson Food Stores. The order also prohibits 7-Eleven from

enforcing any non-compete agreements to any franchisees or employees working at or doing

business with the divested assets. Following a public comment period, the Commission

approved the final order on November 8, 2021.

***

Prior to the HSR Act, businesses could, and often did, consummate transactions that

raised significant antitrust concerns before the agencies had an opportunity to review

them. This practice forced the agencies to engage in lengthy post-acquisition litigation, during

the course of which the transaction’s anticompetitive effects continued to harm competition;

furthermore, if effective post-acquisition relief was not practicable, the harm continued

indefinitely.

In the Matter of E. & J. Gallo Winery and Constellation Brands, Inc., FTC Dkt. C-4730 (final order issued on April 4,

2021), https://www.ftc.gov/enforcement/cases-proceedings/191-0110/e-j-gallo-wineryconstellation-brandsmatter.

In the Matter of Casey’s General Stores, Inc. and Buck’s Intermediate Holdings, LLC, FTC Dkt. C-4742 (final order

issued on June 8, 2021), https://www.ftc.gov/system/files/documents/cases/2110028c4742caseyscomplaint.pdf.

In the Matter of Seven & I Holdings and Marathon Petroleum Corporation, FTC Dkt. C-4748 (final order issued on

Nov. 8, 2021), https://www.ftc.gov/enforcement/cases-proceedings/201-0108/seven-i-holdings-co-ltd-matter.

In the face of an unprecedented merger wave this past year and incredible resource

constraints, all staff of the Commission and the Department of Justice, including the FTC’s

Premerger Notification Office, are to be commended for their diligent and dedicated efforts to

identify and investigate mergers and acquisitions that may substantially lessen competition and

to pursue law enforcement before injury can arise. The Commission and the Antitrust Division

salute the tireless work of their excellent staffs in protecting the American public from unlawful

mergers and acquisitions.

The Commission and the Antitrust Division regularly examine the premerger notification

program’s effectiveness and continually seek ways to increase accessibility, promote

transparency, and improve the review process to reduce the burden on the filing parties

without compromising each agency’s ability to investigate and challenge proposed transactions

that may substantially lessen competition or tend to create a monopoly.

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APPENDIX A

SUMMARY OF TRANSACTIONS BY FISCAL YEAR

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Transactions Reported

1,429

1,326

1,663

1,801

1,832

2,052

2,111

2,089

1,637

3,520

Filings Received1

2,829

2,628

3,307

3,585

3,674

4,083

4,188

4,142

3,249

7,002

Adjusted Transactions In Which A Second

Request Could Have Been Issued 2

1,400

1,286

1,618

1,754

1,772

1,992

2,028

2,030

1,580

3,413

Investigations in Which Second Requests

Were Issued

1.4%

1.9%

1.1%

1.4%

1.7%

1.3%

1.5%

1.2%

2.1%

1.7%

1.3%

1.5%

1.6%

0.9%

1.5%

1.6%

0.7%

1,094

990

1,274

1,366

1,374

1,552

1,500

1,507

1,133

2,124

Granted5

902

797

1,020

1,086

1,102

1,220

1,170

1,107

861

417

Not Granted5

192

193

254

280

272

332

330

400

272

1707

FTC 3

Percent 4

DOJ3

Percent4

Transactions Involving a Request For Early

Termination 5

Usually, two filings are received, one from the acquiring person and one from the acquired person when a transaction is reported. Only one application is received when an

acquiring party files for an exemption under Section 7A (c )(6) or (c )(8) of the Clayton Act.

2 These figures omit from the total number of transactions reported all transactions for which the agencies were not authorized to request additional information. These include

(1) incomplete transactions (only one party filed a complete notification); (2) transactions reported pursuant to the exemption provisions of Sections 7A (c)(6) and 7A(c)(8) of the

Act; (3) transactions which were found to be non-reportable; and (4) transactions withdrawn before the waiting period began. In addition, where a party filed more than one

notification in the same year to acquire voting securities of the same corporation, e.g., filing one threshold and later filing for a higher threshold, only a single consolidated

transaction has been counted because as a practical matter the agencies do not issue more than one Second Request in such a case. These statistics also omit from the total

number the transactions reported secondary acquisitions filed pursuant to §801.4 of the Premerger Notification rules. Secondary acquisitions have been deducted in order to

be consistent with the statistics presented in most of the prior annual reports.

3 These statistics are based on the date the Second Request was issued and not the date the investigation was opened.

4 Second Request investigations are a percentage of the total number of adjusted transactions. The total percentage reflected in Figure 2 may not equal the sum of reported

component values due to rounding.

5 These statistics are based on the date of the HSR filing and not the date action was taken on the request.

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APPENDIX B

TABLE 1. NUMBER OF TRANSACTIONS REPORTED BY MONTH FOR FISCAL YEARS

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

October

122

127

124

144

168

163

174

211

151

202

November

169

260

159

157

243

215

207

254

206

400

December

108

122

157

148

160

157

164

204

January

104

125

118

117

153

170

150

154

210

February

114

140

127

153

141

145

138

278

March

111

100

128

125

146

178

156

136

322

April

140

131

129

150

140

163

261

May

117

157

152

168

209

222

191

299

June

142

150

155

150

191

177

161

117

299

July

130

162

170

140

146

180

170

110

329

August

133

122

151

216

166

219

223

173

170

353

September

120

103

173

168

142

159

139

158

162

363

TOTAL

1,429

1,326

1,663

1,801

1,832

2,052

2,111

2,089

1,637

3,520

APPENDIX B

TABLE 2. NUMBER OF FILINGS RECEIVED 1 BY MONTH FOR FISCAL YEARS

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

October

242

255

247

289

345

329

336

421

298

454

November

332

511

325

322

483

416

417

505

413

825

December

188

180

211

239

314

297

319

308

329

364

January

203

151

244

236

307

316

287

309

399

February

185

169

236

257

249

298

304

295

269

564

March

215

172

195

252

265

302

338

308

270

616

April

193

151

271

265

249

290

285

335

145

524

May

231

228

315

305

331

402

424

365

137

623

June

275

181

304

322

304

388

365

349

212

573

July

269

186

323

327

284

291

364

306

208

659

August

259

240

292

425

339

446

433

358

336

717

September

237

204

344

338

275

317

287

305

323

684

TOTAL

2,829

2,628

3,307

3,585

3,674

4,083

4,188

4,142

3,249

7,002

Usually, two filings are received, one from the acquiring person and one from the acquired person, when the transaction is reported. Only one filing is received when an

acquiring person files for a transaction that is exempt under Sections 7A(c)(6) and (c)(8) of the Clayton Act.

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TABLE I

FISCAL YEAR 20211

ACQUISITIONS BY SIZE OF TRANSACTION (BY SIZE RANGE)

HSR TRANSACTIONS

TRANSACTION RANGE

($MILLIONS)

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

SECOND REQUEST INVESTIGATIONS 3

PERCENT OF

TRANSACTION RANGE

GROUP

NUMBER

PERCENT OF

TRANSACTION RANGE

GROUP

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

50M - 100M 5

1.4%

0.0%

2.1%

0.0%

100M - 150M 5

433

12.7%

4.4%

1.2%

5.5%

0.9%

0.2%

1.2%

150M - 200M 5

538

15.8%

2.4%

4.8%

0.2%

0.4%

0.6%

200M - 300M 5

373

10.9%

4.6%

2.1%

6.7%

0.5%

1.1%

300M - 500M 5

458

13.4%

5.0%

2.6%

7.6%

1.3%

0.4%

1.7%

500M - 1000M5

985

28.9%

4.6%

2.9%

7.5%

1.3%

0.5%

1.8%

Over 1000M 5

578

16.9%

8.1%

6.6%

14.7%

2.8%

1.9%

4.7%

ALL TRANSACTIONS

3,413

100.0%

164

106

4.8%

3.1%

7.9%

1.2%

0.7%

1.9%

TABLE II

FISCAL YEAR 20211

ACQUISITIONS BY SIZE OF TRANSACTION (CUMULATIVE)

HSR TRANSACTIONS

TRANSACTION RANGE

($MILLIONS)

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

SECOND REQUEST INVESTIGATIONS 3

PERCENTAGE OF

TOTAL NUMBER OF

CLEARANCES

NUMBER

PERCENTAGE OF

TOTAL NUMBER OF

SECOND REQUESTS

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

LESS THAN 50M 5

0.0%

LESS THAN 100M 5

1.4%

0.0%

0.4%

0.0%

LESS THAN 150M 5

481

14.1%

7.0%

2.2%

9.3%

6.2%

1.5%

7.7%

LESS THAN 200M 5

1,019

29.9%

11.9%

7.0%

18.9%

7.7%

4.6%

12.3%

LESS THAN 300M 5

1,392

40.8%

18.1%

10.0%

28.1%

10.8%

7.7%

18.5%

LESS THAN 500M 5

1,850

54.2%

26.7%

14.4%

41.1%

20.0%

10.8%

30.8%

LESS THAN 1000M 5

2,815

82.5%

116

43.0%

24.8%

67.8%

40.0%

18.5%

58.5%

ALL TRANSACTIONS

3,413

164

106

60.7%

39.3%

100.0%

64.6%

35.4%

100.0%

TABLE III

FISCAL YEAR 20211

TRANSACTIONS INVOLVING THE GRANTING OF CLEARANCE BY AGENCY

CLEARANCE GRANTED AS A PERCENTAGE OF:

CLEARANCES

GRANTED TO

AGENCY

TRANSACTION RANGE

($MILLIONS)

TRANSACTIONS IN EACH

TRANSACTION RANGE

GROUP

TOTAL NUMBER

OF CLEARANCES

PER AGENCY

TOTAL NUMBER OF

CLEARANCES

GRANTED

FTC

DOJ

TOTAL

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

50M - 100M 5

0.0%

2.1%

0.0%

0.9%

0.0%

0.4%

100M - 150M 5

4.4%

1.2%

5.5%

11.6%

4.7%

7.0%

1.9%

8.9%

150M - 200M 5

2.4%

4.8%

7.9%

12.3%

4.8%

9.6%

200M - 300M 5

4.6%

2.1%

6.7%

10.4%

7.5%

6.3%

3.0%

9.3%

300M - 500M 5

5.0%

2.6%

7.6%

14.0%

11.3%

8.5%

4.4%

13.0%

500M - 1000M5

4.6%

2.9%

7.5%

27.4%

16.7%

10.7%

27.4%

Over 1000M 5

8.1%

6.6%

14.7%

28.7%

35.8%

17.4%

14.1%

31.5%

ALL TRANSACTIONS

164

106

270

4.8%

3.1%

7.9%

100.0%

60.7%

39.3%

100.0%

TABLE IV

FISCAL YEAR 20211

TRANSACTIONS IN WHICH SECOND REQUESTS WERE ISSUED

TRANSACTION RANGE

($MILLIONS)

INVESTIGATIONS IN

WHICH A SECOND

REQUEST WAS

ISSUED 3

SECOND REQUESTS ISSUED AS A PERCENTAGE OF:

TOTAL NUMBER OF

TRANSACTIONS

TRANSACTIONS IN

EACH TRANSACTION

RANGE GROUP

TOTAL NUMBER OF

SECOND REQUEST

INVESTIGATIONS

FTC

DOJ

TOTAL

FTC

DOJ

TOTAL FTC

DOJ

TOTAL

FTC

DOJ

TOTAL

50M - 100M 5

0.0%

100M - 150M 5

0.1%

0.0%

0.1%

0.9%

0.2%

1.2%

6.2%

1.5%

7.7%

150M - 200M 5

0.0%

0.1%

0.2%

0.4%

0.6%

1.5%

3.1%

4.6%

200M - 300M 5

0.1%

0.5%

1.1%

3.1%

6.2%

300M - 500M 5

0.2%

0.1%

0.2%

1.3%

0.4%

1.7%

9.2%

3.1%

12.3%

500M - 1000M5

0.4%

0.1%

0.5%

1.3%

0.5%

1.8%

20.0%

7.7%

27.7%

Over 1000M 5

0.5%

0.3%

0.8%

2.8%

1.9%

4.7%

24.6%

16.9%

41.5%

ALL TRANSACTIONS

1.2%

0.7%

1.9%

1.2%

0.7%

1.9%

64.6%

35.4%

100.0%

TABLE V

FISCAL YEAR 20211

ACQUISITIONS BY REPORTING THRESHOLD

HSR TRANSACTIONS

THRESHOLD 6

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

SECOND REQUEST INVESTIGATIONS 3

PERCENT OF

THRESHOLD GROUP

NUMBER

PERCENT OF

THRESHOLD GROUP

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

$50M (as adjusted)

230

6.7%

0.9%

1.3%

2.2%

0.0%

$100M (as adjusted)

332

9.7%

2.1%

2.7%

4.8%

0.0%

$500M (as adjusted)

2.3%

0.0%

2.6%

1.3%

0.0%

1.3%

25%

0.6%

4.5%

9.1%

0.0%

50%

1515

44.4%

5.3%

3.8%

9.2%

1.5%

1.1%

2.5%

ASSETS ONLY

287

8.4%

10.1%

2.1%

12.2%

2.8%

1.4%

4.2%

100M

0.0%

N/A

0.0%

NCI

948

27.8%

4.6%

2.8%

7.5%

1.2%

0.3%

1.5%

ALL TRANSACTIONS

3,413

100.0%

164

106

4.8%

3.1%

7.9%

1.2%

0.7%

1.9%

TABLE VI

FISCAL YEAR 20211

TRANSACTION BY ASSETS OF ACQUIRING PERSON

HSR TRANSACTIONS

ASSET RANGE

($MILLIONS)

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

PERCENT OF

ASSET RANGE

GROUP

SECOND REQUEST INVESTIGATIONS 3

PERCENT OF

ASSET RANGE

GROUP

NUMBER

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

Below 50M

567

16.6%

1.4%

1.1%

2.5%

0.0%

50M - 100M

1.3%

0.0%

100M - 150M

1.6%

1.8%

5.5%

7.3%

0.0%

150M - 200M

266

7.8%

1.5%

1.1%

2.6%

0.0%

0.4%

200M - 300M

165

4.8%

4.2%

1.2%

5.5%

0.6%

1.2%

1.8%

300M - 500M

259

7.6%

2.7%

5.4%

0.4%

0.8%

1.2%

500M - 1000M

315

9.2%

2.5%

2.9%

5.4%

0.3%

0.0%

0.3%

Over 1000M

1,742

51.0%

129

7.4%

4.4%

11.8%

2.2%

1.0%

3.3%

ALL TRANSACTIONS

3,413

100.0%

164

106

4.8%

3.1%

7.9%

1.2%

0.7%

1.9%

TABLE VII

FISCAL YEAR 20211

TRANSACTION BY SALES OF ACQUIRING PERSON

HSR TRANSACTIONS

SALES RANGE

($MILLIONS)

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

PERCENT OF

SALES RANGE

GROUP

SECOND REQUEST INVESTIGATIONS 3

NUMBER

PERCENT OF

SALES RANGE

GROUP

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

Below 50M

307

9.0%

1.3%

1.0%

2.3%

0.0%

50M - 100M

142

4.2%

1.4%

2.8%

4.2%

0.0%

100M - 150M

114

3.3%

5.3%

0.9%

6.1%

0.0%

150M - 200M

2.6%

0.0%

3.4%

0.0%

1.1%

200M - 300M

146

4.3%

3.4%

6.8%

0.7%

1.4%

300M - 500M

217

6.4%

2.3%

3.2%

5.5%

0.0%

0.9%

500M - 1000M

302

8.8%

5.0%

2.6%

7.6%

0.7%

1.3%

Over 1000M

1433

42.0%

121

8.4%

4.9%

13.3%

2.7%

1.2%

3.9%

Sales Not Available 7

663

19.4%

0.9%

0.8%

1.7%

0.0%

ALL TRANSACTIONS

3,413

100.0%

164

106

4.8%

3.1%

7.9%

1.2%

0.7%

1.9%

TABLE VIII

FISCAL YEAR 20211

TRANSACTION BY ASSETS OF ACQUIRED ENTITIES8

HSR TRANSACTIONS

ASSET RANGE

($MILLIONS)

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

PERCENT OF

ASSET RANGE

GROUP

SECOND REQUEST INVESTIGATIONS 3

PERCENT OF

ASSET RANGE

GROUP

NUMBER

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

Below 50M

674

19.7%

3.4%

1.9%

5.3%

0.7%

0.1%

0.9%

50M - 100M

484

14.2%

3.1%

2.1%

5.2%

0.4%

0.8%

100M - 150M

284

8.3%

3.2%

2.8%

6.0%

1.4%

0.0%

1.4%

150M - 200M

183

5.4%

5.5%

0.5%

6.0%

0.5%

1.1%

200M - 300M

274

8.0%

5.1%

0.7%

5.8%

1.5%

0.0%

1.5%

300M - 500M

241

7.1%

7.5%

4.1%

11.6%

0.8%

1.2%

2.1%

500M - 1000M

287

8.4%

7.0%

2.1%

9.1%

1.7%

0.3%

2.1%

Over 1000M

652

19.1%

5.1%

6.1%

11.2%

2.0%

1.8%

3.8%

Assets Not Available 8

334

9.8%

6.6%

4.8%

11.4%

1.8%

0.9%

2.7%

ALL TRANSACTIONS

3,413

100.0%

164

106

4.8%

3.1%

7.9%

1.2%

0.7%

1.9%

TABLE IX

FISCAL YEAR 20211

TRANSACTION BY SALES OF ACQUIRED ENTITIES 9

HSR TRANSACTIONS

SALES RANGE

($MILLIONS)

NUMBER

PERCENT

CLEARANCE GRANTED TO FTC OR DOJ

NUMBER

PERCENT OF

SALES RANGE

GROUP

SECOND REQUEST INVESTIGATIONS 3

PERCENT OF

SALES RANGE

GROUP

NUMBER

FTC

DOJ

FTC

DOJ

TOTAL

FTC

DOJ

FTC

DOJ

TOTAL

Below 50M

771

22.6%

4.0%

1.4%

5.4%

0.3%

0.1%

0.4%

50M - 100M

566

16.6%

4.4%

1.8%

6.2%

0.9%

0.2%

1.1%

100M - 150M

371

10.9%

3.2%

3.0%

6.2%

0.5%

0.8%

1.3%

150M - 200M

190

5.6%

4.2%

3.7%

7.9%

1.1%

0.5%

1.6%

200M - 300M

271

7.9%

3.3%

3.7%

7.0%

0.7%

0.4%

1.1%

300M - 500M

299

8.8%

2.7%

3.7%

6.4%

0.7%

1.3%

500M - 1000M

285

8.4%

6.7%

3.2%

9.8%

3.2%

1.4%

4.6%

Over 1000M

506

14.8%

6.5%

6.9%

13.4%

2.6%

2.0%

4.5%

Sales not Available 10

154

4.5%

12.3%

1.3%

13.6%

3.2%

0.0%

3.2%

ALL TRANSACTIONS

3,413

100.0%

164

106

4.8%

3.1%

7.9%

1.2%

0.7%

1.9%

TABLE X

FISCAL YEAR 2021 1

INDUSTRY GROUP OF ACQUIRING PERSON

3 DIGIT

NAICS

CODE 11

INDUSTRY DESCRIPTION

NUMBER

% POINTS

PERCENT

CHANGE

OF TOTAL

FROM FY

2020 12

CLEARANCE

GRANTED TO FTC

OR DOJ

SECOND REQUEST

INVESTIGATIONS 3

FTC

DOJ

TOTAL

FTC

DOJ

TOTAL

0.1%

000 13

Not Available

652

19.1%

7.4%

111 13

Crop Production

0.1%

-0.1%

112 13

Animal Production

0.1%

0.0%

211 13

Oil and Gas Extraction

0.8%

-0.5%

212 13

Mining (except Oil and Gas)

0.2%

0.1%

213 13

Support Activities for Mining

0.1%

-0.5%

221 13

Utilities

1.1%

-0.9%

236 13

Construction of Buildings

0.3%

237 13

Heavy and Civil Engineering Construction

0.7%

0.2%

238 13

Specialty Trade Contractors

0.8%

0.3%

311 13

Food and Kindred Products

1.3%

-1.4%

312 13

Beverage and Tobacco Product Manufacturing

0.3%

-0.4%

313 13

Textile Mills

0.1%

321 13

Wood Product Manufacturing

0.4%

0.0%

322 13

Paper Manufacturing

0.2%

-0.1%

323 13

Printing and Related Support Actitivies

0.1%

-0.1%

324 13

Petroleum and Coal Products Manufacturing

0.5%

-0.6%

325 13

Chemical Manufacturing

175

5.1%

-0.4%

326 13

Plastics and Rubber Manfuacturing

0.9%

-0.5%

327 13

Nonmetallic Mineral Product Manufacturing

0.5%

0.3%

TABLE X

FISCAL YEAR 2021 1

INDUSTRY GROUP OF ACQUIRING PERSON

3 DIGIT

NAICS

CODE 11

INDUSTRY DESCRIPTION

NUMBER

PERCENT

OF TOTAL

CLEARANCE

GRANTED TO FTC

OR DOJ

SECOND REQUEST

INVESTIGATIONS 3

% POINTS

CHANGE

FROM FY

2020 12

FTC

DOJ

TOTAL

FTC

DOJ

TOTAL

331 13

Primary Metal Manufacturing

0.4%

0.0%

332 13

Fabricated Metal Product Manufacturing

1.0%

-0.3%

333 13

Machinery Manufacturing

1.9%

0.2%

334 13

Computer and Electronic Product Manufacturing

1.7%

-0.7%

335 13

Electrical Equipment, Applicance, and Component

Manufacturing

Transportation Equipment Manufacturing

0.4%

-0.1%

1.8%

-0.5%

337 13

Furniture and Related Product Manufacturing

0.2%

0.1%

339 13

Miscellaneous Manufacturing

1.0%

-1.0%

423 13

Merchant Wholesalers, Durable Goods

131

3.8%

0.0%

424 13

Merchant Wholesales, Nondurable Goods

108

3.2%

-1.6%

425 13

Wholesale Electric Markets and Agent and Brokers

0.3%

441 13

Motor Vehicle and Parts Dealers

0.8%

0.3%

444 13

Electronics and Appliance Stores

0.4%

0.1%

445 13

Food and Beverage Stores

0.2%

0.1%

446 13

Health and Personal Care Stores

0.4%

0.3%

447 13

Gasoline Stations

0.2%

-0.1%

448 13

Clothing and Clothing Accessories Stores

0.3%

0.2%

451 13

Sporting Goods, Hobby, Book, and Music Stores

0.3%

452 13

General Merchandise Stores

0.0%

453 13

Miscellaneous Store Retailers

0.4%

-0.2%

454 13

Nonstore Retailers

1.0%

0.7%

336 13

TABLE X

FISCAL YEAR 2021 1

INDUSTRY GROUP OF ACQUIRING PERSON

3 DIGIT

NAICS

CODE 11

INDUSTRY DESCRIPTION

NUMBER

PERCENT

OF TOTAL

CLEARANCE

GRANTED TO FTC

OR DOJ

SECOND REQUEST

INVESTIGATIONS 3

% POINTS

CHANGE

FROM FY

2020 12

FTC

DOJ

TOTAL

FTC

DOJ

TOTAL

481 13

Air Transportation

0.2%

-0.2%

482 13

Railroad Transportation

0.1%

483 13

Water Transportation

0.1%

0.0%

484 13

Truck Transportation

0.4%

-0.1%

485 13

Transit and Ground Transportation

0.1%

0.0%

486 13

Pipeline Transportation

0.2%

-0.5%

488 13

Support Actitivies for Transportation

0.7%

-0.6%

492 13

Couriers

0.1%

-0.1%

493 13

Warehousing and Storage

0.1%

0.0%

511 13

Publishing Industries (except Internet)

164

4.8%

0.5%

512 13

Motion Pictures and Sound Recording Industries

0.5%

0.4%

515 13

Broadcasting (except Internet)

0.3%

-0.3%

517 13

Telecommunications

0.9%

-0.2%

518 13

Internet Service Providers, Web Search Portals, and Data

Processing Services

1.7%

0.4%

519 13

Other Information Services

0.9%

0.3%

522 13

Credit Intermediation and Related Activities

2.0%

0.0%

523 13

Securitites, Commodity Contracts, and Other Financial

Investments and Related Activities

Insurance Carriers and Related Actitivities

382

11.2%

1.4%

127

3.7%

0.4%

525 13

Funds, Trusts, and Other Financial Vehicles

1.8%

-0.7%

531 13

Real Estate

0.8%

0.3%

532 13

Rental and Leasing Services

0.5%

0.1%

524 13

TABLE X

FISCAL YEAR 2021 1

INDUSTRY GROUP OF ACQUIRING PERSON

3 DIGIT

NAICS

CODE 11

533 13

541 13

INDUSTRY DESCRIPTION

Lessors of Nonfinancial Intangible Assets (except

Copyrighted Works)

Professional, Scientific, and Technical Services

NUMBER

PERCENT

OF TOTAL

CLEARANCE

GRANTED TO FTC

OR DOJ

SECOND REQUEST

INVESTIGATIONS 3

% POINTS

CHANGE

FROM FY

2020 12

FTC

DOJ

TOTAL

FTC

DOJ

TOTAL

0.3%

-0.1%

264

7.7%

1.0%

551 13

Management Companies and Enterprises

0.1%

-0.1%

561 13

Administrative and Support Services

2.5%

0.4%

562 13

Waste Management and Remediation Services

0.5%

0.0%

611 13

Educational Services

0.4%

-0.1%

621 13

Ambulatory Health Care Services

1.9%

-0.4%

622 13

Hospitals

1.0%

0.0%

623 13

Nursing Care Facilities

0.0%

624 13

Social Assistance

0.1%

0.0%

711 13

Performing Arts, Spector Sports, and Related Industries

0.2%

0.0%

713 13

Amusement, Gambling, and Recreation Industries

0.2%

-0.1%

721 13

Accommodation

0.2%

-0.3%

722 13

Food Services and Drinking Places

0.6%

-0.6%

811 13

Repairs and Maintenance

0.6%

0.0%

812 13

Personal and Laundry Services

0.2%

-0.1%

813 13

Religious, Grantmaking, Civic, Professional, and Similar

Organizations

Administration of Human Resource Programs

0.0%

0.1%

0.0%

3,413

100.0%

164

106

270

923 13

TABLE XI

FISCAL YEAR 2021

INDUSTRY GROUP OF ACQUIRED ENTITIES

3 DIGIT

NAICS

CODE

INDUSTRY DESCRIPTION

NUMBER

% POINTS

PERCENT

CHANGE

OF TOTAL

FROM FY

2020 12

CLEARANCE

GRANTED TO FTC

OR DOJ

FTC

DOJ

TOTAL

NUMBER OF

3 DIGIT

SECOND REQUEST 3

INTRAINVESTIGATIONS

INDUSTRY

TRANSACTIONS 14

FTC

DOJ TOTAL

000 13

Not Available

145

4.2%

-0.8%

111 13

Crop Production

0.3%

0.1%

112 13

Animal Production

0.1%

113 13

Forestry and and Logging

0.0%

-0.1%

211 13

Oil and Gas Extraction

1.3%

-0.6%

212 13

Mining (except Oil and Gas)

0.3%

-0.1%

213 13

Support Activities for Mining

0.2%

-0.5%

221 13

Utilities

2.1%

-0.5%

236 13

Construction of Buildings

0.3%

-0.2%

237 13

Heavy and Civil Engineering Construction

0.9%

0.2%

238 13

Specialty Trade Contractors

1.1%

-0.4%

311 13

Food and Kindred Products

1.5%

-0.5%

312 13

Beverage and Tobacco Product Manufacturing

0.3%

0.0%

313 13

Textile Mills

0.1%

0.0%

314 13

Textile Products

0.1%

0.0%

315 13

Apparel Manufacturing

0.1%

321 13

Wood Product Manufacturing

0.3%

0.0%

322 13

Paper Manufacturing

0.4%

0.0%

323 13

Printing and Related Support Actitivies

0.3%

0.1%

324 13

Petroleum and Coal Products Manufacturing

0.3%

325 13

Chemical Manufacturing

149

4.4%

0.0%

TABLE XI

FISCAL YEAR 2021

INDUSTRY GROUP OF ACQUIRED ENTITIES

3 DIGIT

NAICS

CODE

INDUSTRY DESCRIPTION

NUMBER

% POINTS

PERCENT

CHANGE

OF TOTAL

FROM FY

2020 12

CLEARANCE

GRANTED TO FTC

OR DOJ

FTC

DOJ

TOTAL

NUMBER OF

3 DIGIT

SECOND REQUEST 3

INTRAINVESTIGATIONS

INDUSTRY

TRANSACTIONS 14

FTC

DOJ TOTAL

326 13

Plastics and Rubber Manfuacturing

0.9%

-0.3%

327 13

Nonmetallic Mineral Product Manufacturing

0.5%

0.1%

331 13

Primary Metal Manufacturing

0.5%

0.1%

332 13

Fabricated Metal Product Manufacturing

1.1%

-0.2%

333 13

Machinery Manufacturing

1.8%

0.3%

334 13

Computer and Electronic Product Manufacturing

2.6%

0.7%

335 13

Electrical Equipment, Applicance, and Component

Manufacturing

Transportation Equipment Manufacturing

0.8%

0.3%

1.4%

-0.4%

337 13

Furniture and Related Product Manufacturing

0.2%

-0.1%

339 13

Miscellaneous Manufacturing

1.2%

-0.2%

423 13

Merchant Wholesalers, Durable Goods

191

5.6%

2.2%

424 13

Merchant Wholesales, Nondurable Goods

105

3.1%

-1.0%

425 13

Wholesale Electric Markets and Agent and Brokers

0.3%

0.0%

441 13

Motor Vehicle and Parts Dealers

0.9%

0.0%

442 13

Furniture and Home Furnishing Stores

0.1%

0.0%

443 13

Miscellaneous Repair Services

0.1%

444 13

Electronics and Appliance Stores

0.2%

445 13

Food and Beverage Stores

0.3%

0.0%

446 13

Health and Personal Care Stores

0.2%

-0.6%

447 13

Gasoline Stations

0.4%

0.0%

448 13

Clothing and Clothing Accessories Stores

0.2%

-0.1%

336 13

TABLE XI

FISCAL YEAR 2021

INDUSTRY GROUP OF ACQUIRED ENTITIES

3 DIGIT

NAICS

CODE

INDUSTRY DESCRIPTION

NUMBER

% POINTS

PERCENT

CHANGE

OF TOTAL

FROM FY

2020 12

CLEARANCE

GRANTED TO FTC

OR DOJ

FTC

DOJ

TOTAL

NUMBER OF

3 DIGIT

SECOND REQUEST 3

INTRAINVESTIGATIONS

INDUSTRY

TRANSACTIONS 14

FTC

DOJ TOTAL

451 13

Sporting Goods, Hobby, Book, and Music Stores

0.1%

452 13

General Merchandise Stores

0.3%

0.0%

453 13

Miscellaneous Store Retailers

0.6%

454 13

Nonstore Retailers

2.1%

1.3%

481 13

Air Transportation

0.2%

-0.2%

483 13

Water Transportation

0.1%

0.0%

484 13

Truck Transportation

0.4%

-0.2%

485 13

Transit and Ground Transportation

0.1%

0.0%

486 13

Pipeline Transportation

0.3%

-0.2%

488 13

Support Actitivies for Transportation

1.1%

0.6%

492 13

Couriers

0.2%

493 13

Warehousing and Storage

0.3%

0.0%

511 13

Publishing Industries (except Internet)

362

10.6%

2.0%

512 13

Motion Pictures and Sound Recording Industries

0.6%

0.2%

515 13

Broadcasting (except Internet)

0.4%

-0.2%

517 13

Telecommunications

1.4%

-0.3%

518 13

Internet Service Providers, Web Search Portals, and Data

Processing Services

Other Information Services

112

3.3%

-1.2%

1.8%

-0.6%

522 13

Credit Intermediation and Related Activities

2.4%

0.3%

523 13

Securitites, Commodity Contracts, and Other Financial

Investments and Related Activities

Insurance Carriers and Related Actitivities

2.8%

1.1%

127

3.7%

-1.5%

519 13

524 13

TABLE XI

FISCAL YEAR 2021

INDUSTRY GROUP OF ACQUIRED ENTITIES

3 DIGIT

NAICS

CODE

INDUSTRY DESCRIPTION

NUMBER

% POINTS

PERCENT

CHANGE

OF TOTAL

FROM FY

2020 12

CLEARANCE

GRANTED TO FTC

OR DOJ

FTC

DOJ

TOTAL

NUMBER OF

3 DIGIT

SECOND REQUEST 3

INTRAINVESTIGATIONS

INDUSTRY

TRANSACTIONS 14

FTC

DOJ TOTAL

525 13

Funds, Trusts, and Other Financial Vehicles

0.1%

-0.1%

531 13

Real Estate

0.9%

0.0%

532 13

Rental and Leasing Services

1.1%

0.4%

533 13

Lessors of Nonfinancial Intangible Assets (except Copyrighted

Works)

Professional, Scientific, and Technical Services

0.6%

-0.3%

541 13

426

12.5%

0.1%

551 13

Management Companies and Enterprises

0.0%

561 13

Administrative and Support Services

2.3%

-0.2%

562 13

Waste Management and Remediation Services

0.7%

0.0%

611 13

Educational Services

0.9%

0.3%

621 13

Ambulatory Health Care Services

119

3.5%

0.9%

622 13

Hospitals

0.8%

-0.7%

623 13

Nursing Care Facilities

0.3%

0.2%

624 13

Social Assistance

0.2%

0.0%

711 13

Performing Arts, Spector Sports, and Related Industries

0.3%

-0.3%

713 13

Amusement, Gambling, and Recreation Industries

0.3%

-0.4%

721 13

Accommodation

0.3%

-0.1%

722 13

Food Services and Drinking Places

0.8%

0.3%

811 13

Repairs and Maintenance

0.5%

0.0%

812 13

Personal and Laundry Services

0.2%

0.0%

813 13

Religious, Grantmaking, Civic, Professional, and Similar

Organizations

Space Research and Technology

0.0%

927 13

TABLE XI

FISCAL YEAR 2021

INDUSTRY GROUP OF ACQUIRED ENTITIES

3 DIGIT

NAICS

CODE

INDUSTRY DESCRIPTION

NUMBER

% POINTS

PERCENT

CHANGE

OF TOTAL

FROM FY

2020 12

CLEARANCE

GRANTED TO FTC

OR DOJ

FTC

DOJ

TOTAL

NUMBER OF

3 DIGIT

SECOND REQUEST 3

INTRAINVESTIGATIONS

INDUSTRY

TRANSACTIONS 14

FTC

DOJ TOTAL

928 13

National Security and International Affairs

0.0%

999 13

Nonclassificable Establishments

0.0%

3,413

100.0%

164

106

270

137

1 Fiscal year 2021 figures include transactions reported between October 1, 2020 and September 30, 2021.

2 The size of transaction is based on the aggregate total amount of voting securities, non-corporate interests and/or assets held by the acquiring person as a result of the transaction

and are taken from the response to Item 2(d)(iii), 2(d)(vii), and 2(d)(ix) of the Notification and Report Form.

3 These statistics are based on the date the Second Request was issued.

4 During fiscal year 2021, 3,520 transactions were reported under the HSR Premerger Notification program. The smaller number, 3,413, reflects the adjustments to eliminate the

following types of transactions: (1) transactions reported under Section 7A(c)(6) and (c)(8) (transactions involving certain regulated industries and financial businesses); (2)

transactions deemed non-reportable; (3) incomplete transactions (only one party in each transaction filed a compliant notification); and (4) transactions withdrawn before the

waiting period began. The table does not, however, exclude competing offers or multiple HSR transactions resulting from a single business transaction (where there are multiple

acquiring persons or acquired persons).

5 The total number of filings under $50M submitted in Fiscal Year 2021 reflects corrective filings.

6 In February 2001, legislation raised the size of transaction from $15 million to $50 million with annual adjustments beginning in February 2005. As of FY 2017, the threshold

categories include non-corporate interests (NCI), encompassing transactions in which the acquiring entity acquires 50% of more of the non-corporate interests of the acquired

entity.

7 The category labeled “Sales Not Available” includes newly-formed acquiring persons, foreign acquiring person with no United States revenues, and acquiring persons who had

not derived any revenues from their investments at the time of filing.

8 Assets of an acquired entity are not available when the acquired entity’s financial data is consolidated within its ultimate parent.

9 Sales of an acquired entity are taken from responses to Item 4(a) and (b) (SEC documents and annual reports) or item 5 (dollar revenues) of the Premerger Notification and Report

Form.

10 This category includes acquisition of newly-formed entities from which no sales were generated, and acquisitions of assets which produced no sales revenues during the prior

year to filing the Notification and Report Form.

11 The 3-digit codes are part of the North American Industrial Classification System (NAICS) established by the United States Government North American Industrial

Classification System 1997, Executive Office of the President, Office of Management and Budget. The NAICS groups used in this table were determined from responses submitted

by the parties to Item 5 of the Premerger Notification and Report Form.

12 This represents the deviation from the fiscal year 2020 percentage.

13 This category includes transactions by newly-formed entities.

14 The intra-industry transactions column identifies the number of acquisitions in which both the acquiring and acquired person derived revenues from the same 3-digit NAICS

code.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.