Start-ups, Killer Acquisitions and Merger Control

This paper explores the extent to which nascent acquisitions can be investigated and challenged when necessary under existing merger control frameworks. It identifies the need to conduct an in-depth counterfactual analysis, to consider new investigative tools, and to ensure that any claimed efficiencies are tied to the specific transaction in question. It was prepared as a background note for a discussion held at the OECD in June 2020 on start-ups, killer acquisitions and merger control.