Source Credit : Portfolio Prints
Background
In 2025, the United Kingdom’s competition authority, the Competition and Markets Authority (CMA), did not block a single merger that it reviewed during the year — a first since 2017. According to reports, all 36 merger deals reviewed were cleared, either unconditionally or with minimal conditions attached, marking a dramatic shift from prior years when some deals were blocked or heavily modified before clearance.
This outcome reflects both policy changes and strategic choices in how merger control is applied in the UK, and signals a broader shift toward a more pro-business, growth-oriented regulatory approach.
Historic Context: How UK Merger Control Worked Before 2025
Historically, the CMA has had the power to investigate and stop mergers that would substantially lessen competition in the UK market. Under the Enterprise Act 2002 and the newer Digital Markets, Competition and Consumers Act 2024, the CMA reviews transactions under a two-phase process:
- Phase 1: Initial screening — if no competition concerns are found, deals are cleared.
- Phase 2: In-depth investigation for deals raising serious competition issues.
However, in 2025, the CMA’s focus shifted markedly. Data from the CMA’s Annual Report to Parliament shows that, of the hundreds of deals it screened, a high proportion were dealt with swiftly and none resulted in outright prohibition, highlighting a lighter regulatory touch.
| Review Stage / Outcome |
Number of Mergers |
| Cleared at Phase 1 |
26 |
| Referred to Phase 2 (in-depth review) |
10 |
| Cleared after remedies (Phase 2) |
7 |
Why Did the CMA Clear Every Merger in 2025?
Government Pressure for Pro-Growth Regulation
One of the strongest drivers was political influence. The UK government, concerned that strict merger enforcement could dampen economic growth and deter investment, exerted pressure on the CMA to adopt a more business-friendly stance. This pressure culminated in the removal of the CMA’s former chair early in 2025 — a change that many analysts see as critical.
Leadership and Strategic Priorities
Following the departure of the former chair, the CMA appointed an interim head with a background in the private sector. Under the new leadership, the CMA reprioritized speed and certainty in merger reviews as core objectives, in line with government growth strategy.
Simplified and Flexible Review Processes
Regulatory and procedural reforms streamlined review processes, with faster Phase 1 decisions and a greater willingness to assume that deals — unless clearly harmful — should proceed. This included reducing involvement in mergers where the UK footprint was limited and opting for conditions rather than blocks when concerns arose.
The Broader Policy Environment
Internationally, similar trends exist — for example, in the United States, antitrust enforcement has also softened under new leadership, with fewer high-profile merger challenges reported in 2025.
Notable Merger Clearances in 2025
Some of the major deals that passed through the CMA without prohibition included:
- Worldpay’s $24.3 billion deal with Global Payments, which created one of the largest payment-processing firms — cleared after initial review.
- Other large transactions across technology and financial services that historically might have invited deeper scrutiny were approved swiftly or with modest conditions.
| Outcome |
Number of Mergers |
Share (%) |
| Unconditional clearance |
29 |
80.6% |
| Conditional clearance |
7 |
19.4% |
| Blocked |
0 |
0.0% |
| Total |
36 |
100% |
These decisions underscore the CMA’s emphasis on certainty and streamlined processing for large, complex global deals.
Critics and Concerns
Independence of the CMA
Some market commentators and competition experts argue that the CMA’s independence has been compromised by political pressure. They warn that regulators must remain impartial and not subordinate competition assessment to short-term political agendas.
Risk of Reduced Competition
If competition threats are not identified and acted upon, markets could become more concentrated, potentially leading to higher prices, fewer choices, and less innovation in the long run — especially in sectors dominated by a few large players.
Critics point to the broader trend of weakening antitrust enforcement globally and warn of a “race to the bottom” in competition standards.
Conclusion
The UK competition regime’s unusually lax year in 2025 — with every merger it reviewed successfully cleared — represents a significant pivot in antitrust enforcement. Driven by political priorities, leadership changes, and regulatory reform, the CMA’s new approach prioritizes growth and investor confidence.
However, this shift raises important questions about the balance between fostering business activity and protecting competition for consumers. While the move offers short-term certainty for dealmakers, ongoing debates about regulatory independence and market concentration suggest this area will remain a hot topic in UK economic policy and corporate law in 2026 and beyond.
