Investor Presentaiton
Representative Merger Client Engagements
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EC clears the merger of Microsoft and GitHub
CRA supported Microsoft and GitHub during the European Commission's merger investigation. The
parties both offer tools for developers to collaboratively work on software development, including code
editors and integrated development environments. The Commission investigated whether Microsoft may
seek to integrate GitHub's tools into its own software development tools and worsen the ability to
integrate GitHub with tools of third parties. It was found that Microsoft would have no incentive in
degrading GitHub by reducing the ability for developers to openly collaborate. The merger was cleared
unconditionally.
North American merger support helps obtain US regulatory approvals
CRA economists advised counsel to CVS Health (CVS) and Aetna on CVS's acquisition of Aetna.
CRA economists prepared extensive economic analyses that addressed questions raised by the US
Department of Justice (DOJ) and Departments of Insurance in a number of US states regarding
whether the merger raised competitive concerns. The DOJ allowed the merger to proceed subject to
the divestiture of Aetna's Medicare Part D prescription drug plan business for individuals. The DOJ
concluded that the merger did not raise any other horizontal or vertical competitive concerns.
Global team offering multi-jurisdiction merger support
CRA economists advised counsel to Essilor and Luxottica as they sought regulatory approval of
their $53 billion merger. The merger combined one of the world's leading consumer eyewear
groups with the largest manufacturer of lenses in the world. The merger was reviewed and
approved by regulators in the United States, Canada, Europe, Brazil, and China.
CRA
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