The FTC’s recent overhaul of its premerger notification requirements has culminated in a completely new HSR form, which recently became effective and now obligates parties to reportable transactions to disclose substantially more information to the antitrust agencies up front. What impact will these new requirements have on private equity firms now that they are in effect?
In this Sidecar episode, Dechert antitrust partner James Fishkin and counsel Beverly Ang highlight a few key changes in the new rules and how PE firms should adjust in order to ensure compliance with the new regime.
Key Takeaways
- The new HSR rules, which are now effective, are expected to greatly impact the timing of deals and substantially increase the burdens on many types of filers, in particular PE firms.
- Among other changes, the new rules expand the scope of transaction-related and ordinary documents that are required to be produced with HSR filings, and increase the required disclosures regarding minority equityholders, including certain limited partners of funds.
- Private equity firms are advised to involve HSR lawyers earlier in transactions to manage the increased complexity of filings.
Show Notes
The New Hart-Scott-Rodino Reporting Requirements: A Roadmap for Filers, Dechert OnPoint (Oct. 30, 2024)
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