FTC Seeks to Put Private Equity Roll-Up Strategies to Sleep With its Case Against U.S. Anesthesia Partners
This Bulletin is brought to you by AHLA’s Antitrust Practice Group.
- November 29, 2023
- Neely Agin , Winston & Strawn LLP
- Hannah Gallagher , Winston & Strawn LLP
The Federal Trade Commission (FTC) and the Department of Justice Antitrust Division (DOJ) have increased regulatory scrutiny over the health care industry of late. The current administration highlighted the industry as an area of particular concern in President Biden’s 2021 Executive Order on Promoting Competition in the American Economy, and the FTC has continued to aggressively challenge pending health care mergers since then. Further, in July 2023, the FTC joined the DOJ in withdrawing two longstanding antitrust enforcement policy statements that had created safe harbors for certain health care transactions in order to “promote fair competition in health care markets.” Private equity investors have not escaped attention. In fact, the agency has recently indicated a particular willingness to scrutinize “roll up” or consolidation strategies, especially in the health care industry, where FTC Chairwoman Lina Khan has claimed they are having damaging effects, stating:
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