February 2, 2024

Welcome to Letters from CAMP, a newsletter on anti-monopoly activity in Canada and abroad, brought to you by the Canadian Anti-Monopoly Project. In this installment we have:

• CAMP looks back on a year of Canadian anti-monopoly accomplishments in 2024
• Lawyers tell their private equity clients to expect more scrutiny of acquisitions after reforms
• Lina Khan’s last week caps off a momentous tenure as Federal Trade Commission Chair

Now let’s dive in.

CAMP’s 2024 Annual Highlights: Turning the Tide on Monopoly

As 2025 roars into gear, we’re taking a moment at CAMP to look back on what we’ve accomplished in the past year. Looking back, it’s clear that competition law in Canada has undergone a seismic shift. The passage of Bill C-59 brought a second wave of sweeping reforms, overturning the law that had originally been written by the very companies it was intended to police. The past year has shown that real change is possible when policymakers recognize the cost of monopoly power—not just in higher prices, but in the erosion of innovation, worker rights, and the quality of our democracy.

Along with leading the competition policy conversation, CAMP also authored insightful reports that put the spotlight on some of the most harmful monopolies in the Canadian economy. In From Plow to Pantry, CAMP laid out how the consolidation of Canada’s food system extends far beyond the grocery shelves, raising prices for consumers and harming producers. Similarly, in The Private Equity Playbook, CAMP fellow Rachel Wasserman showed how buyout private equity has been silently rolling up once fragmented and competitive markets at the expense of all Canadians.

While it’s important to recognize wins, the real work lies ahead of us. Canada, like many countries, is headed for a year of unprecedented economic uncertainty. Tackling monopolies at home and abroad will be a part of navigating that uncertainty, but the next win will be even more hard fought. We’re up to the challenge, and we hope you are as well.

📚 What We’re Reading 📚

• Seal and Dion, Amazon Layoffs Prompt Canada to Review Government Deals (Transport Topics)
• Cowley, Trump Administration Fires Consumer Bureau Chief (New York Times)
• Bounds, Temu, Shein and Amazon to be liable in EU for ‘unsafe’ or ‘illegal’ goods (Financial Times)

Lawyers Warn Clients of Tougher Test for Private Equity Acquisitions

Private equity firms that have long amassed market power through serial acquisitions are now on the back foot thanks to Canada’s reformed competition laws. As highlighted in law firm McCarthy Tétrault’s 2025 Private Equity Outlook, the new rules, and in particular the structural presumption against mergers in already concentrated markets, means tougher scrutiny for private equity acquisitions. In the firms own words, private equity firms “find themselves facing a steeper hill to climb when faced with the [Competition] Bureau in 2025.”

The implications for private equity in Canada are significant. For years, firms have used roll-up acquisitions, systematically acquiring smaller competitors to consolidate control over a market, without triggering alarms. Now, the cumulative impact of these deals will face tougher regulatory examination, making it harder to become dominant in industries like veterinary clinics, funeral homes, and food service.

While the real test of the law will be in the years to come, this legal guidance shows that Canada’s competition policy turning point is beginning to take hold. As McCarthy Tétrault notes, this policy is already reshaping acquisition strategies, with financial firms reassessing their long-standing playbook for evading much-needed scrutiny.

Lina Khan’s Last Week as Groundbreaking FTC Chair

This week marked the end of the four year tenure of U.S. Federal Trade Commission (FTC) Chair Lina Khan, capping off one of the most important periods in the agency’s century long history. Khan’s tenure was defined by an unapologetic commitment to reviving antitrust enforcement and a shift in how policy makers think about competition and monopoly.

Khan’s FTC took on fights previous enforcers shied away from, showing that Americans can and should be protected from even the most powerful corporations. Under her leadership, the agency banned noncompete clauses, freeing millions of workers from restrictive contracts that locked them into jobs with artificially suppressed wages. She defended American’s access to affordable groceries, leading a challenge to the $24 billion Kroger-Albertsons grocery merger, easily one of the most significant antitrust victories in years. Along with Assistant Attorney General Jonathan Kanter, Khan spearheaded a comprehensive overhaul of rules of merger enforcement, strengthening the standards for how regulators evaluate corporate consolidation.

But the biggest indicator of Khan’s success in the role? The constant vitriol hurled at her from the corporate masters of the universe. During her term, the Wall Street Journal penned a record-breaking 124 op-eds attempting to discredit her work at the agency.

Khan’s impact will be felt long after she leaves office. The real question now is whether her successors will carry forward the fight or retreat under pressure from corporate titans. Her legacy is a reminder that competition policy isn’t just about economic theory—it’s about power, people, and protecting the public interest.

If you have any monopoly tips or stories you'd like to share, drop us a line at hello@antimonopoly.ca

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