Merger control, which used to be a relatively predictable area of competition law, is now undergoing major developments all around the world including in Europe. The days of a ‘light touch’ approach are clearly over: competition authorities globally and in Europe are gaining increasingly stronger powers to review an ever wider range of transactions (including new approaches to jurisdiction and the reversal of the burden of proof). At the same time, for large global deals in a growing number of industry sectors, the number of foreign direct investment approvals required can now outnumber the necessary merger approvals. Add to this the new EU Foreign Subsidies Regulation mandatory notification system coming into effect on 12 October 2023 for deals involving firms benefitting from state aid. The result is the need for tripartite regulatory transaction planning. How can companies navigate these complex waters?