Mapping where filings are required
Dozens of countries have merger control regimes, and many use thresholds based on the parties' sales or assets within that country, so a deal between two foreign companies can still require a local filing. The United States, the European Union, China, Korea, and many others run mandatory regimes, while the United Kingdom's system is voluntary but lets its authority investigate deals that were never notified. Thresholds and filing triggers differ widely, and some count the sales or assets of the whole corporate group rather than only the target. Mapping requires reliable revenue data broken down by country, which should be gathered early because it often takes longer than expected.
Suspensory reviews and timing
In most mandatory regimes, the deal cannot close until clearance is obtained or a waiting period expires, and closing early can bring penalties. Review periods differ, and the longest or most complex review usually sets the timeline for the whole transaction. Some authorities have formal pre-notification phases that add time before the official clock starts. Remedies negotiated in one jurisdiction may need to be coordinated with others to avoid inconsistent requirements. Separate foreign investment screening regimes, such as CFIUS in the United States, may also apply and follow their own timelines.
Planning the filings
Merger control planning starts with a list of jurisdictions where filings are likely required, an estimate of timing for each, and an early view of which could raise substantive concerns. We coordinate with local counsel abroad and align the submissions so that descriptions of the markets and the deal stay consistent across authorities. The purchase agreement should reflect this plan, including the outside date and the conditions tied to required approvals. For Korean and other foreign buyers of U.S. businesses, the home-country filing and the U.S. review often have to be sequenced together. Bring the deal structure, revenue and asset data by country for both parties, and an outline of where the businesses overlap.
