This Merger Review Timeline lays out a typical or indicative timeline for Department of Justice (DOJ) or Federal Trade Commission (FTC) investigations of mergers that are reportable under the Hart-Scott-Rodino (HSR) Act, including investigations involving a Request for Additional Information or Documentary Material (Second Request). Parties should pay close attention to the timing requirements of the HSR Act, as these requirements can have a significant impact on a transaction’s timing. Please note that the timeline and order of events below is indicative only and does not cover every potential scenario. For example, the reviewing agency may agree to a negotiated settlement prior to the parties’ full compliance with a Second Request. Further, as described below, both the FTC and DOJ have made clear that they expect that for most merger investigations the parties will enter into timing agreements that extend the period of review beyond the statutory timelines.