A Decade of Enforcement: Traditional Theories of Harm and the Challenges Posed by Digital Mergers

Abstract Many commentators have expressed concerns about the current state of merger enforcement in the digital sector. Some point to the fact that numerous acquisitions by large digital firms have not undergone sufficient scrutiny, while others propose fundamentally new theories of harm relating to data, privacy or so-called ecosystem effects. The debate remains active, with recent cases like Amazon/iRobot and Booking/eTraveli adding fuel to the fire. In this article, we examine merger decisions related to the digital sector published by Europe’s leading authorities over the last decade. Through our review of 55 cases, involving acquisitions by GAFAM and other firms, we find that these authorities have not rushed to expand their analytical toolkit, generally relying on traditional tools and well-established theories of harm. However, we also observe that these tools have been applied more broadly or in novel ways, especially in recent years.