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Most mergers, acquisitions and joint ventures raise no significant antitrust issues. On the other hand, any deal that involves one of your company’s competitors — no matter how small the deal or how minimally the companies compete with one another — can raise antitrust risks, and it is wise to seek antitrust advice before closing. Two recent enforcement actions by the U.S. antitrust agencies demonstrate just how risky and costly it can be when companies consummate a transaction, only later to find that their transaction faces a serious merger challenge.