The European Commission's attempt to claim jurisdiction under the EU merger rules over Illumina's acquisition of GRAIL ultimately resulted in a stinging court defeat for the regulator. But why did it lose and what will happen now to merger reviews of "below threshold" transactions in the EU? Nicole Kar, partner at Paul, Weiss in London, joins Matthew Hall and James Hunsberger to discuss the Commission's 2021 re-interpretation of its powers under Article 22 of the EU Merger Regulation, the European Court of Justice judgment striking that down and the alternative avenues for the Commission or EU countries to claim jurisdiction over killer and reverse killer transactions. Listen to this episode to learn more about how to analyse the risk and practical steps to take in relation to these transactions. With special guest: Nicole Kar, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP Related Links: European Commission March 2021 guidance on use of Article 22 of the EU Merger Regulation European Commission FAQ on March 2021 Article 22 guidance General Court judgment 13 July 2022 on application of Article 22 by European Commission in Illumina/GRAIL Advocate General opinion 21 March 2024 on application of Article 22 by European Commission in Illumina/GRAIL European Court of Justice judgment 3 September 2024 on application of Article 22 by European Commission in Illumina/GRAIL Paul, Weiss, Rifkind, Wharton & Garrison LLP Client Memorandum "Mind the Gap: ECJ Judgment Determines European Commission Cannot Review Deals Below Member State Merger Control Thresholds" Hosted by: James Hunsberger, Axinn, Veltrop & Harkrider LLP and Matthew Hall, McGuireWoods London LLP