|Tri Star Energy, LLC
||Hollingsworth Oil Company, Inc.
||Merger to monopoly in retail gasoline and diesel markets in White Creek, Tennessee, and Greenbrier, Tennessee
||Tri Star proposed to acquire certain retail stores and other assets from Hollingsworth and affiliated companies. The FTC alleged that the acquisition would lessen competition for retail gasoline and retail diesel sales in two local markets in Tennessee. Tri Star agreed to divest its fuel assets in those local markets to Cox Oil Company, Inc.
|Arko Holdings, Ltd.
||Empire Petroleum Partners, LLC
||Retail fuel sales in seven “highly concentrated” local markets in Indiana, Michigan, Maryland and Texas; retail diesel sales in three “highly concentrated” local markets in Indiana, Michigan and Texas
Merger would reduce the number of competitors to three or fewer in each local market
||Arko supplies wholesale fuel to or operates approximately 1,400 retail fuel stores in 22 states throughout the South, Mid-Atlantic and Midwest. It proposed to acquire Empire, another fuel distributor and retail store operator in 30 states and Washington, DC. The FTC alleged that the acquisition would lessen competition for the retail sale of gasoline in seven local markets and would lessen competition for the retail sale of diesel in three local markets. The parties agreed to divest certain retail fuel assets to competitors in each local market.
||Craft Brew Alliance (CBA)
||The alleged market was beer, but DOJ alleged brands are segmented based on price and quality into value, core, core-plus, premium and super-premium segments
DOJ alleged that ABI had a 28% share of all beer sales in Hawaii and CBA had a 13% share; the combined entity would allegedly control 41% of the relevant market
||Anheuser-Busch InBev (ABI) sought to increase its minority ownership of the Craft Brew Alliance (CBA) to a complete ownership interest and secured DOJ approval of the $220 million deal by agreeing to divest its Hawaii-based Kona Brewing Co. brand and operations to PV Brewing Partners, LLC. DOJ alleged that the acquisition would limit competition between Kona and ABI’s other brands, including Stella Artois and Michelob Ultra. This remedy is unique in that it allows ABI to own the Kona brand outside of Hawaii while giving the brand to the divestiture buyer in Hawaii.
|Elanco Animal Health, Inc.
||Bayer Animal Health GmbH
||Low-dose prescription treatments for canine otitis externa; fast-acting oral flea treatments for canines; and brand name cattle pour-on insecticides throughout the United States
Combined the only two suppliers of some products, and two of three suppliers for others
||The proposed acquisition allegedly would reduce competition in the US market for certain animal health products by combining the only two providers of canine otitis externa treatments and fast-acting canine flea treatments, and combining the market leader and one of the two other producers of brand name cattle pour-on insecticides. The parties agreed to divest the buyer’s canine otitis externa product to Dechra, the buyer’s fast-acting canine oral flea treatment product to PetIQ, and the buyer’s brand name cattle pour-on insecticide to Neogen.
|Eldorado Resorts, Inc.
||Caesars Entertainment Corporation
||Casino services in South Lake Tahoe, Nevada, Bossier City-Shreveport, Louisiana, and Kansas City, Missouri. The FTC alleged that the acquisition would be a 3-2 merger in South Lake Tahoe, a 5-4 merger in Bossier City-Shreveport and a 5-4 merger in Kansas City
||The transaction would allegedly eliminate meaningful competition between Eldorado and Caesars in the markets for casino services in three local markets. The parties agreed to divest assets in each of the three markets, establishing a new independent competitor to the post-closing Eldorado in each relevant area. The parties agreed to divest South Lake Tahoe’s MontBleu and Bossier City-Shreveport’s Eldorado Shreveport casinos to Twin River, and to divest the Kansas City-area Isle of Capri casino to an independent buyer to be determined post-closing.
|London Stock Exchange (LSE) Group
||Proprietary data feeds for use in financial indices and financial data products
||DOJ closed its investigation of the LSE’s acquisition of Refinitiv without a challenge, following an 8-month investigation of the horizontal and vertical aspects of the proposed transaction. DOJ concluded that the post-merger entity would not be able to exercise significant market power for its products because the customers for its products themselves sell products to LSE and Refinitiv, and therefore retain significant bargaining power even against a combined LSE/Refinitiv.