Antitrust: Merger Review Timelines Shortening?

Key Takeaways

• FTC average merger review now 10.8 months Q1 2026
• Review time down from 12.3 months record in 2025
• Early‑termination filings remain a small share of deals
• Prior HSR form reinstated after court vacates new version
• Faster reviews may boost M&A activity under current administration

Pulse Analysis

The Federal Trade Commission’s recent pivot toward a leaner merger review process reflects a broader ideological shift under Chairman Andrew Ferguson. By emphasizing a “get out of the way” stance for transactions that pose no clear competition concerns, the agency aims to reduce bureaucratic drag without compromising enforcement rigor. This recalibration aligns with the Trump‑era emphasis on deregulation, yet it is framed within a modern, data‑driven approach that still preserves the FTC’s core antitrust mission.

Dechert’s timing tracker provides the first quantitative glimpse of this new regime. An average investigation length of 10.8 months in the first quarter of 2026 marks a measurable contraction from the 12.3‑month high of 2025, while the median remains stable around 11.8 months. Early‑termination requests, once a popular shortcut, have receded to a minor fraction of cases, suggesting that firms are now more willing to navigate the full review rather than rely on expedited exits. The reinstatement of the pre‑court HSR form further streamlines filing requirements, reducing administrative overhead for both regulators and companies.

For dealmakers, the trend translates into faster certainty and lower capital lock‑up, potentially spurring a wave of mid‑size mergers that were previously deterred by lengthy reviews. However, the accelerated pace does not guarantee leniency; the FTC continues to signal vigorous enforcement of antitrust statutes where competitive harm is evident. Market participants should therefore balance optimism about speed with diligent antitrust risk assessments, especially in sectors prone to concentration concerns. The evolving landscape will likely shape M&A strategy for the remainder of the decade.