“How Tech Rolls”: Potential Competition and “Reverse” Killer Acquisitions

Competition agencies are pivoting towards “loss of potential competition” theories of harm, especially in acquisitions by highly dominant companies of smaller/nascent players offering a product or functionality in related spaces. The concern is broader than implied by the recent debate on “killer acquisitions.” Many say “What’s not to like?” We argue that it’s time to be more cautious. Large platforms have exceptional abilities to enter new spaces but also to “roll up” (willin