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Illustration: Aïda Amer/Axios

The U.S. Department of Justice on Thursday updated its merger remedies guidelines for the first time in nearly a decade.

Why it matters: This is the new framework for how DOJ plans to solve for antitrust concerns, including for mega-mergers that reshape industries.

The big winner is private equity, which for the first time received explicit and positive mention as a viable "divestiture buyer" of assets that merging companies may be required to sell.

  • DOJ writes that "in some cases a private equity purchaser may be preferred," due to its financial resources, strategic flexibility, and access to industry expertise.

Divestiture is a major theme in the new manual.

  • DOJ writes that "structural remedies are strongly preferred" to conduct remedies.
  • In other words, it would rather the merging companies divest their way out of antitrust concerns than promise to be on their best behavior (i.e., conduct remedy).

Looking ahead: DOJ last week said it's considering a review of its bank merger rules.

  • In quasi-related news, The NY Times reports that DOJ plans to file antitrust charges against Google by month's end, with AG Barr overruling "career lawyers who said they needed more time to build a strong case."

The bottom line: The new guidelines are in keeping with what we've seen in practice from Trump's DOJ, but now it's been codified.

Go deeper

Facebook's reversal of D.C. fortune

Illustration: Sarah Grillo/Axios

Yesterday's landmark lawsuits against Facebook cap four years in which tech companies' national standing has turned upside-down even as their fortunes have boomed.

When Vice President Joe Biden left office in Jan. 2017, Facebook, Google and other tech giants had the proud luster of American success stories. When President Biden takes office next month, his government will be charging Facebook and Google both as harmful monopolists — and pushing to break Facebook up.

City Council member Andre Dickens wins Atlanta mayoral race

Andre Dickens during a rally at Center Stage on November 28, 2021 in Atlanta, Georgia. (Photo by Paras Griffin/Getty Images)

City Council member Andre Dickens won a runoff election Tuesday to become Atlanta's next mayor, soundly beating the council's president Felicia Moore.

The big picture: Dickens was just a few months ago considered to have an outside chance of replacing Mayor Keisha Lance Bottoms, who announced in May that she wouldn't seek a second term.

UN report: Pandemic set to cost global tourism $2 trillion in 2021

A tourist in front of the Eiffel Tower on November 25, 2021 in Paris. Photo:Chesnot/Getty Images

A new United Nations report warns that global tourism will see only modest revenue gains in 2021 after last year's historic losses amid the COVID-19 pandemic.

Why it matters: Tourism revenues in 2020 fell by more than half from the previous year — a significant blow to the global economy, according to analysis by the UN World Tourism Organization (UNWTO).