What are the regulatory requirements for a merger or acquisition?

Mergers and acquisitions in the District of Columbia are regulated by the District of Columbia Business Combination Act (D.C. Code § 29–101.01 et seq.) as well as applicable federal laws such as the federal antitrust laws, the Hart–Scott–Rodino Act and the Investment Company Act of 1940. The D.C. Business Combination Act requires that any merger or acquisition in the District of Columbia be approved by the District of Columbia Corporation Commission, generally after a public hearing. The Commission may approve the merger or acquisition only if the Commission finds that it is in the best interests of the District of Columbia. For a merger or acquisition to be approved by the Commission, the parties must provide details about the proposed transaction, including a description of the structure of the transaction and its financial effects, a description of the business combinations, and any other relevant information. They must demonstrate that the merger or acquisition will not harm competition or lead to higher prices in the relevant markets. The parties must also prepare and submit a detailed antitrust review, which must provide sufficient evidence that the merger or acquisition will not create a monopoly or substantially lessen competition in the relevant markets. The Commission must also approve any agreements or other documents related to the proposed transaction. Finally, the parties must file a certificate of public convenience and necessity with the Commission, certifying that the proposed transaction is necessary and in the public interest.

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