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Keystone’s Merger Advisory team offers industry-leading merger analysis and advisory services in the U.S., the UK and Europe.
Led by the former CEO of the UK Competition Markets Authority, Andrea Coscelli, and the former U.S. Department of Justice Antitrust Division Chief Economist, Susan Athey, our mergers team adopts a multi-disciplinary approach and partners with world-class academic experts.
Our seasoned practitioners help clients navigate the merger review process across various industries. With insights from former senior regulators, our economic analyses are equipped for the evolving regulatory environment.
We partner with our in-house technologists to leverage existing knowledge in various technologies (not just digital), providing insights on theories of harm related to the value of combined data and the technical feasibility of foreclosure mechanisms.
Our econometricians deliver complex empirical analyses using machine learning and AI techniques as well as harnessing new types of data sources as needed.
Our affiliate industry experts are at the forefront of dynamic competition across various sectors and inform relevant competitive analyses grounded in business reality (and realistic remedy assessments).
We deliver compelling economic analyses using our expertise in competition economics complemented by our knowledge of business strategy (including for remedy design).
Keystone advised KKR in the EC's review of their acquisition of FiberCop's and TIM’s fixed-lines network businesses in Italy. This acquisition was unconditionally cleared.
Keystone jointly advised Microsoft in their acquisition of Activision Blizzard before the UK’s CMA and the EC. This deal was conditionally approved by both authorities.
Keystone worked on behalf of Amgen in their acquisition of Horizon Therapeutics, a smaller biotech firm with two differentiated drugs. A Keystone expert conducted analyses on the market access conditions that would prevent Amgen from leveraging Horizon's drugs in an anticompetitive manner. The merger was conditionally cleared by the FTC.
Keystone represented Roark Capital in its acquisition of Subway, the world’s largest quick-service chain. We conducted detailed economic analyses to identify relevant local geographic markets and the acquisition's competitive effects. We supported Roark Capital and its counsel in responding to the FTC’s Second Request. The deal was unconditionally approved by the FTC.
