Stacked bars
HSR Merger Filings by Deal Size
Transactions reported under the Hart-Scott-Rodino Act each fiscal year, by band of transaction value
Plays the chart through its history. Pauses are where the data set a record or moved most.
Federal fiscal years, October to September, from the FTC and DOJ annual reports, which arrive about a year after each year ends. The filing threshold rose sharply in February 2001 and has been indexed every year since 2005. Sizes are in nominal dollars and count the transactions in which a second request could have been issued. The fiscal 2019 size table cannot be read from its PDF, so that year is missing.
Reportable deals by size. Billion-dollar deals have grown from a small slice to a large part of the total, partly through inflation and the rising filing threshold.
What this chart reads
- HSR Merger Filings Valued Under $200 Million per Yearas “Under $200M”latest 2025-09-30
- HSR Merger Filings Valued $200 Million to $1 Billion per Yearas “$200M to $1B”latest 2025-09-30
- HSR Merger Filings Valued at $1 Billion or More per Yearas “$1B and over”latest 2025-09-30
Sources
HSR Merger Filings Valued Under $200 Million per Year. Source: Federal Trade Commission and Department of Justice Antitrust Division, Hart-Scott-Rodino Annual Reports to Congress (ftc.gov/policy/reports/annual-competition-reports), Appendix A, Appendix B and Exhibit A. Public domain: "Most material on the FTC's website is considered work of the United States Government, meaning that the material is in the public domain and is not subject to copyright restrictions (17 U.S.C. 105)" (FTC website policy). Source: United States Federal Trade Commission, www.ftc.gov.
HSR Merger Filings Valued $200 Million to $1 Billion per Year. Source: Federal Trade Commission and Department of Justice Antitrust Division, Hart-Scott-Rodino Annual Reports to Congress (ftc.gov/policy/reports/annual-competition-reports), Appendix A, Appendix B and Exhibit A. Public domain: "Most material on the FTC's website is considered work of the United States Government, meaning that the material is in the public domain and is not subject to copyright restrictions (17 U.S.C. 105)" (FTC website policy). Source: United States Federal Trade Commission, www.ftc.gov.
HSR Merger Filings Valued at $1 Billion or More per Year. Source: Federal Trade Commission and Department of Justice Antitrust Division, Hart-Scott-Rodino Annual Reports to Congress (ftc.gov/policy/reports/annual-competition-reports), Appendix A, Appendix B and Exhibit A. Public domain: "Most material on the FTC's website is considered work of the United States Government, meaning that the material is in the public domain and is not subject to copyright restrictions (17 U.S.C. 105)" (FTC website policy). Source: United States Federal Trade Commission, www.ftc.gov.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.