Biden’s Antitrust Team Isn’t Backing Down From a Fight on Deals

▤ Summary

The Justice Department and the Federal Trade Commission announced their long-awaited merger guidelines on Wednesday morning, and the proposed regulatory framework reveals that the regulators aren’t changing their aggressive approach despite losing a series of court cases when they tried to block transactions. chair, and Jonathan Kanter, the Justice Department’s top antitrust official, have one key distinguishing feature: a road map for judges to understand the regulators’ more progressive views on trustbusting via footnotes about case law — an apparent rebuttal to those who say that the tougher approach is not grounded in U.S. rules. Skims, the clothing brand co-founded by Kim Kardashian, has raised $270 million in its latest fund-raising round, DealBook’s Michael de la Merced is first to report, valuing the company at $4 billion. In addition to bringing on Wellington — whose entrance into a company’s cap table almost always precedes a public offering — the brand has taken other steps consistent with those of many start-ups that eventually pursued a stock sale, including hiring a C.F.O. Carvana announced a debt-restructuring agreement that’s intended to ease its ballooning interest payments and help it avoid bankruptcy, as the once high-flying online auto dealer contends with slowing sales and a slumping stock price.

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