Texas Court Blocks FTC’s New HSR Form as States Fight HPE‑Juniper Deal

*TL;DR: A Texas federal court struck down the FTC’s expanded pre‑merger notification form, forcing regulators back to the older Hart‑Scott‑Rodino (HSR) filing while a coalition of states contests the DOJ’s green light for HPE’s $1.6 billion acquisition of Juniper Networks.

Context The FTC introduced a new HSR form in 2025 that required more detailed data from companies planning mergers. The rule aimed to catch complex deals, such as “acquihires,” that could evade traditional reporting. Critics argued the form increased filing costs and delayed transactions.

Key Facts - On February 12, 2026, a federal district court in Texas ruled the 2025 form unlawful under the Administrative Procedure Act, a decision the FTC is now appealing to the Fifth Circuit. The appellate court denied the FTC’s request to pause the ruling on March 19, 2026, meaning regulators must revert to the legacy form for now. - FTC Chairman Lina K. Ferguson has signaled a shift toward “real settlements” that involve outright divestitures of entire business lines to strong, upfront buyers, rejecting “fake settlements” that rely on extensive monitoring. He also prefers permanent injunctions in federal court over the agency’s traditional preliminary injunctions. - Twelve states plus the District of Columbia have filed a challenge to the DOJ’s settlement approving Hewlett Packard Enterprise’s acquisition of Juniper Networks. The challenge follows allegations that lobbyists improperly influenced the settlement, a claim bolstered by a whistle‑blower from the DOJ’s Antitrust Division. - The same period saw renewed scrutiny of the DOJ’s handling of other large deals, including a $1.6 billion merger of Compass and Anywhere, where senior officials claim political pressure overrode standard antitrust review.

What It Means The Texas ruling curtails the FTC’s attempt to modernize merger oversight, at least temporarily restoring the simpler filing process that many businesses favored. However, the FTC’s push for more aggressive remedies—full divestitures and higher‑court injunctions—suggests it will continue to seek stronger tools against anticompetitive mergers, even without the new form.

Simultaneously, the multi‑state challenge to the HPE‑Juniper deal highlights a growing trend: states stepping in where they perceive federal enforcement gaps. Their involvement could force the DOJ to renegotiate settlement terms or face prolonged litigation, potentially delaying the $1.6 billion transaction.

Looking Ahead Watch for the Fifth Circuit’s final decision on the FTC’s appeal and for any court rulings on the HPE‑Juniper challenge, which will signal how aggressively states and the FTC will pursue antitrust enforcement under the emerging “Trump 2.0” approach.