Annual merger investigation outcomes
Updated 13 January 2025
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Most of the mergers the CMA investigates end at phase 1.
Only a few make it to phase 2, and fewer still are blocked by us or abandoned by the merging parties.
This page outlines how many mergers we investigated, and their outcomes, in each of the last three full years (January to December).
Merger outcomes in 2024
In 2024 we considered 1,037 mergers formally or informally. This includes mergers that we were told about and mergers that we found ourselves.
Of those 1,037 mergers, we investigated 38 at phase 1.
Of the 38 mergers investigated at phase 1, only 6 were referred to phase 2.
Of the 6 mergers investigated at phase 2:
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2 were unconditionally cleared by us
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2 had the parties offer acceptable remedies (selling off assets)
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1 was blocked by us
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1 was cancelled/abandoned by the parties
Of all considered mergers, only 0.2% were blocked or abandoned.
Merger outcomes in 2023
In 2023 we considered 848 mergers formally or informally. This includes mergers that we were told about and mergers that we found ourselves.
Of those 848 mergers, we investigated 56 at phase 1.
Of the 56 mergers investigated at phase 1, 10 were referred to phase 2.
Of the 10 mergers investigated at phase 2:
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4 were unconditionally cleared by us
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2 had the parties offer acceptable remedies (selling off assets)
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2 were blocked by us
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2 were cancelled or abandoned by the parties
Of all considered mergers, only 0.5% were blocked or abandoned.
Merger outcomes in 2022
In 2022 we considered 718 mergers formally or informally. This includes mergers that we were told about and mergers that we found ourselves.
Of those 718 mergers, we investigated 48 at phase 1.
Of the 48 mergers investigated at phase 1, 15 were referred to phase 2.
Of the 15 mergers investigated at phase 2:
- 3 were unconditionally cleared by us
- 6 had the parties offer acceptable remedies (selling off assets)
- 3 were blocked by us
- 3 were cancelled or abandoned by the parties
Of all considered mergers, only 0.8% were blocked or abandoned.