The brief
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Demo reporting. The companies, deal size and regulators named here are fictional and exist to demonstrate the business demo’s longer-form coverage.
The commercial logic of the deal was agreed within weeks. What took eighteen months was proving, market by market, that the combined company would not meaningfully reduce competition in any single one of them.
The modern merger timeline is set by the slowest regulator in the room, not the two companies signing the agreement.
The slowest regulator sets the clock
The commercial logic was agreed within weeks; proving reduced competition market by market took eighteen months.
What this means in practice
Budget merger timelines around the slowest relevant regulator, not the fastest.
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