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In US FTC’s GTCR case, focus on PE rollups replaced by traditional M&A review

By Wesley Brown and Ilana Kowarski ( March 18, 2025, 21:18 GMT | Comment) -- The Biden administration's focus on private equity firms appears to have been replaced by textbook merger analysis at the US Federal Trade Commission, as highlighted by an FTC complaint against GTCR’s proposed acquisition of Surmodics. In the redacted complaint posted by the agency, the term “private equity” is mentioned just twice in a neutral non-pejorative fashion, simply to specify what type of company GTCR is. A concurring statement by Democratic Commissioners Rebecca Kelly Slaughter and Alvaro M. Bedoya was the lone venue for pushback against private equity firms in healthcare.The Biden administration's focus on private equity firms appears to have replaced by textbook merger analysis at the Republican-led US Federal Trade Commission, as highlighted by an FTC complaint against GTCR’s proposed acquisition of Surmodics....

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