Time Warner / AT&T

Time Warner / AT&T: Precedent Parallels: EC-Blocked Vertical / Conglomerate Mergers

Publication Date: November 24, 2017

Research Report Overview

In this deal commentary, we provide an in-depth summary of two relevant precedent mergers that were both initially blocked by the European Competition Commission (EC) on vertical and conglomerate grounds, Sidel (SID FP) / Tetra Laval (private), and Honeywell (HON US) / General Electric (GE US). Although from over 15 years ago, these precedents provide hints on how the DOJ may look to justify its recent actions in relation to the $108bn Time Warner / AT&T transaction and, equally, how AT&T may attempt to refute the negative decision by the DOJ. In this commentary, we do not delve into the content of the DOJ’s civil lawsuit and we do not try and predict an outcome.

Contents (7 Pages):

1. Market Definitions and High-Level Thoughts 2. Sidel / Tetra Laval, 2001 3. Honeywell / General Electric, 2001

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Deal Timeline

Time Warner / AT&T

End Date: June 14, 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

December 2016

November 2016

October 2016

Deal Announced: October 22, 2016
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