On August 6, 2025, Colorado passed a significant new law requiring pre-merger notifications across all industries, making it the second state in the U.S. to implement such a policy after Washington. Under this new regulation, companies or individuals who are already required to submit Hart-Scott-Rodino (HSR) filings at the federal level for mergers and acquisitions must also notify the state if they conduct a certain level of business within Colorado. The new law is designed to enhance the state’s oversight of corporate mergers and ensure that state agencies have visibility into transactions that may affect local competition or market fairness.
The move comes in response to growing concerns that state-level agencies have historically lacked the resources and authority to adequately scrutinize mergers, particularly those that could potentially harm consumers or stifle competition in state-specific markets. By requiring companies to submit additional pre-merger notifications to Colorado’s regulatory bodies, the state aims to address these gaps in oversight and increase its ability to enforce antitrust laws.
This law is expected to lead to more antitrust enforcement at the state level, as regulators will have the opportunity to review and intervene in mergers that might otherwise have gone unnoticed or unchallenged. With the rise of mergers and acquisitions in recent years, there has been increasing pressure on state regulators to take a more active role in ensuring that business practices align with the principles of fair competition. Colorado’s move signals a broader trend toward stronger regulatory oversight in the U.S., with more states potentially following suit in the future.
The new law is seen as a proactive step in maintaining a competitive market environment in Colorado, which could have ripple effects for businesses operating in the state. Companies involved in mergers will need to be prepared for the additional regulatory scrutiny and ensure that they comply with both federal and state-level notification requirements. This change underscores the evolving landscape of antitrust enforcement and reflects growing concerns over the consolidation of industries and its impact on market dynamics. As more states adopt similar measures, the regulatory landscape for mergers and acquisitions in the U.S. is likely to become more complex, requiring businesses to navigate both federal and state-level regulations.
