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The third decade of the 21st century promises to look very different for European merger control. After several very successful acquisitions by Big Tech companies, competition law enforcers are increasingly concerned that their merger control regimes might not capture transactions that may have anticompetitive effects in the long run. As a consequence, European regulators are taking various initiatives which make the merger control landscape increasingly fragmented and complex, ranging from the introduction of value-based jurisdictional thresholds and a new referral policy that can catch mergers post-closing, to ground breaking regulatory initiatives in the digital sphere, changes relating to the substantive assessment of mergers in dynamic markets and foreign direct investment and subsidies screenings. This results in decreasing legal certainty for companies engaging in cross-border M&amp;A and increased transaction costs.  Keywords: merger control, Digital Markets Act, referrals, Article 22 EUMR, foreign subsidies, dynamic competition

A New Era for European Merger Control: An Increasingly Fragmented and Uncertain Regulatory Landscape