On June 30, 2020, the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission jointly issued final Vertical Merger Guidelines outlining overarching considerations about the application of the antitrust laws to transactions combining assets at different levels of a supply chain. This guidance will apply broadly to any transaction not strictly confined to combining assets at the same level of a supply chain. The final Vertical Merger Guidelines differ from the draft Vertical Merger Guidelines in several notable ways.