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The emergence of a new techno-economic paradigm mainly based in the ICT technologies naturally have influenced the ongoing antitrust debate. This paper is devoted to answer two questions. First, how the antitrust authorities should consider knowledge-based startups or small companies acquisitions. Second, what are the current institutional challenges in this topic. Despite this discussion is not much explored in the literature, we looked at the antitrust theoretical debate and examined the recent merger cases in the United States and in the European Union in order to extract some insights about these questions. Also, we briefly explored some selected Brazilian recent cases to draw some policy and academic further agenda in this country. We can sustain that market shares are not an accurate proxy for market power considering the ability of succeed in innovation strategies; they can be highly volatile or cannot appropriately show the firm’s potential in the competition for innovation. We see that there are important contributions to present general principles concerning the incentives to innovate post-merger. Nevertheless, they were designed to accomplish all kind of merger effects in innovation. For the startups or small firms case, we raised some issues to be addressed: the small or even non-existent market share and the importance of identifying the buyer and their changes in incentives to maintain the innovation path are some specificity that turns the analyses even more complex. There are relevant gap for the antitrust authorities, as the submission threshold are mainly based on companies revenues. The introduction of additional thresholds for the value of transaction may be a starting point.

Knowledge-based startups or small companies’ mergers & acquisitions: an antitrust debate? Recent cases from US, EU and Brazil