In M&A transactions, the use of clean teams has become standard practice, at least for transactions involving competitors. Despite the apparent routine, the set-up and management of a clean team raises recurring issues, and it does not seem far-fetched to assume that the solutions adopted by the undertakings concerned are often insufficiently adapted to the particular case. As a result, there is a risk of under- or over-enforcement of competition law.
These issues affect thousands of transactions every year. Despite their practical significance, such issues are addressed by surprisingly little case law. Finally, some decisions in the EU have helped to shed more light on the need for and the set-up of clean teams.
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