Our Curious Amalgam

#371 Who Does Your Doctor Work For? Vertical Integration in the Healthcare Provider Market

Hospitals, as well as insurers, have been increasingly purchasing physicians practices, home health providers, and nursing facilities. But what are the competitive implications of these acquisitions? Dr. Zack Cooper, economist and public health expert at Yale University, joins Derek Jackson and Anora Wang to discuss both the theoretical and empirical competitive harms and benefits to vertical integration in the healthcare provider market. Listen to this episode to learn more about the changing competitive landscape in this large and important sector of the economy. With special guest: Zack Cooper, Ph.D., Associate Professor of Public Health and Associate Professor of Economics, Yale University Related Links: * Are Hospital Acquisitions of Physician Practices Anticompetitive? by Cooper et al., July 2025 [https://tobin.yale.edu/research/are-hospital-acquisitions-physician-practices-anticompetitive] * Zack Cooper's Congressional Testimony, Fighting Obamacare Subsidy Fraud: Is the Administrative Procedure Act Working as Intended?, December 10, 2025 [https://judiciary.house.gov/committee-activity/hearings/fighting-obamacare-subsidy-fraud-administrative-procedure-act-working] * Zack Cooper's Senate Testimony, Consolidation and Corporate Ownership in Health Care: Trends and Impacts on Access, Quality, and Costs, June 8, 2023 [https://www.finance.senate.gov/hearings/consolidation-and-corporate-ownership-in-health-care-trends-and-impacts-on-access-quality-and-costs] Hosted by: Derek Jackson, Cohen & Gresser and Anora Wang, Arnold & Porter

#370 Is Any Deal Safe From Review in the EU? Implications of the "Towercast" Judgment

M&A deals impacting the EU that are not caught by standard merger control thresholds can still be reviewed under general competition law rules. But how does this work? Frédéric Manin, lawyer at Advant Altana in Paris, joins Matthew Hall and James Hunsberger to discuss the implications of the 2023 European Court of Justice judgment in the "Towercast" case. Listen to this episode to learn more about the practical implications of this judgment for lawyers and dealmakers doing M&A that touches the EU. With special guest: Frédéric Manin, partner, Advant Altana Related Links: * France Autorité de la concurrence, press release, Doctolib case (6 November 2025) [https://www.autoritedelaconcurrence.fr/en/press-release/autorite-fines-doctolib-eu4665000-abusing-its-dominant-position-online-medical] * France Autorité de la concurrence, press release, meat-cutting case (15 May 2024) [https://www.autoritedelaconcurrence.fr/en/press-release/meat-cutting-sector-first-time-autorite-examines-under-antitrust-law-mergers-below] * Belgium Autorité belge de la Concurrence, press release, Proximus/EDPnet case (6 November 2023) [https://www.belgiancompetition.be/sites/default/files/content/download/files/20231106_Press_release_51_BCA.pdf] * European Court of Justice, Case C-449/21 "Towercast" (16 March 2023) [https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:62021CJ0449] Hosted by: Matthew Hall, McGuireWoods and James Hunsberger, Axinn, Veltrop & Harkrider

#369 Back To Form or Back to the Drawing Board? How To Navigate the Decision Vacating the New HSR Rules

In February 2025, new rules for the pre-merger notification requirements in the U.S. came into effect. But will a February 2026 court decision undo these changes? Daniel Rosenthal, partner at Kirkland & Ellis, joins Jaclyn Phillips and Lexi Michaud to discuss a decision vacating the new rules, the subsequent appeal, and what might happen next. Listen to this episode to learn more about how to navigate merger filings in an uncertain time. (Since this episode was recorded, the Fifth Circuit denied the FTC's motion to stay the decision vacating the new HSR Rules. On March 19, 2026, the Premerger Office announced that the Commission is now accepting HSR filings using the Form and Instructions that were in place before the February 10, 2025, effective date of the new rule. As always, continue to follow the case and consult a lawyer for any legal advice.) With special guest: Daniel Rosenthal, Partner, Kirkland & Ellis Related Links: OCA #297 - HSR You Kidding Me? Unpacking the New Requirements for Merging Parties in the U.S. [https://ourcuriousamalgam.com/episode/297-new-requirements-merging-parties-us/] Hosted by: Jaclyn Phillips, Proskauer Rose and Lexi Michaud, Fried Frank

#368 Mother, May I? The Use of Prior Approval Requirements in Merger Settlements

Over the last few decades, prior approval requirements were considered an extraordinary remedy in merger settlements, yet their use has fluctuated in agency enforcement across recent administrations. Where do the FTC and DOJ stand in their current practice? Bilal Sayyed, a Counsel at the Cadwalader law firm, and antitrust professor and former FTC policy leader, speaks with Anora Wang and Jeny Maier about the role of prior approval provisions in modern merger enforcement and what their recent rise—and retreat—signals about agency policy. Listen to this episode to learn how prior approval differs from traditional HSR review, when agencies have relied on such provisions, and what the evolving approach means for merging parties and future dealmaking. With special guest: Bilal Sayyed, Counsel, Cadwalader, Wickersham & Taft Related Links: 2021 FTC Statement on Use of Prior Approval Provisions in Merger Orders [https://www.ftc.gov/system/files/documents/public_statements/1597894/p859900priorapprovalstatement.pdf] Bilal Sayyed, U.S. Antitrust Agency Merger Roundup & Commentary: FTC Reverses Routine Use of Prior Approval Requirements in Merger Settlements, Trump Antitrust Leadership Continues Departure from Antitrust Merger Policies of Previous Administration (July 15, 2025) [https://www.cadwalader.com/quorum/index.php?nid=16&eid=76] Hosted by: Anora Wang, Arnold & Porter and Jeny Maier, Axinn, Veltrop & Harkrider

#367 How Do States Make Independent Judgment in Merger Review? The Tunney Act and HPE–Juniper

States have become increasingly active participants in merger enforcement, often conducting independent analyses and, at times, intervening alongside federal agencies in high-profile cases. What goes into states' analyses and decisions to intervene? Anthony Mariano, Chief of the Antitrust Division at the Massachusetts Office of the Attorney General, speaks with Lexi Michaud and Anora Wang about how states approach merger enforcement in parallel with the DOJ and FTC, the importance of independent state scrutiny, and, using the HPE–Juniper transaction to guide the discussion, how the Tunney Act promotes transparency and public interest oversight of federal settlements. With special guest: Anthony Mariano, Antitrust Division Chief, Massachusetts Office of the Attorney General Hosted by: Lexi Michaud, Fried Frank and Anora Wang, Arnold & Porter