Insights: Clients

Healthcare Extenders/Reforms (ACA eAPTCs, PBMs, HSAs, Extenders, MA, Site Neutral)

The government shutdown continues without a clear off-ramp, and we will soon reach a key inflection point regarding the ACA enhanced subsidies (the start of open enrollment on 11/1, the date by which consumers will start seeing increased prices for their existing or new policies). Republicans remain firm that the expiring eAPTCs should only be...

Russia Sanctions/Tariffs

In the wake of the U.S. and Europe increasing sanctions on Russia, there is a growing expectation in Congress that President Trump will support passage of a bill that would allow the U.S. to impose additional tariffs on countries that buy Russian energy and impose other sanctions. Senate Russia hawks want a vote on that bill within the next month...

Government Shutdown

Multiple upcoming deadlines this week (i.e., pay dates for federal workers and the military, issuance of ACA premium notices, expiration of SNAP (food stamp) spending) imply that we are at a culminating point for the government shutdown. We are seeing a modest increase in external pressure from some Democratic-aligned stakeholders (e.g., AFGE,...

Mergers & Acquisitions

Thoma Bravo (Calabrio)/Verint

The companies refiled HSR on 10/22. The HSR waiting period now expires November 21. While we acknowledge meaningful second-request risk, our expectation is that the deal will avoid such an outcome. The global WEM market for contact centers appears fairly consolidated–on a revenue basis, three firms hold as much as 75% of the market (dropping to...

Mergers & Acquisitions

Getty/Shutterstock

The U.K. CMA announced on October 20 that it had found the merger may cause harm to competition in the U.K. “editorial content” and global “stock content” markets. The companies have until October 27 to offer merger remedies to forestall a Phase 2 review. Separately, M&A trade publication Mlex reported on October 13 that the companies had...

Mergers & Acquisitions

Omnicom/Interpublic

The companies filed with the EC on October 20. We continue to expect the proposed merger will be cleared by the EC in Phase 1. The pre-notification stage of the EC’s review was longer than anticipated (~10.5 months), but we do not believe the deal has elicited substantial antitrust concern from the EC. Feedback from industry participants...