Facing Antitrust Probes, Google and Facebook Avoid Big M&A Deals

Tech M&A roared back in the second half of this year, highlighted by multibillion-dollar deals that promise to reshape competition in semiconductors, delivery apps and digital health. Yet for some of the largest tech companies, major acquisitions were scarce.

As authorities in the U.S. and elsewhere stepped up antitrust investigations this year, Facebook and Google stayed largely on the sidelines when it came to buying large tech companies, a contrast to years past. Reluctance to enter into large deals could persist when President-elect Joe Biden takes office, since he is expected to maintain the Trump administration’s pressure on federal agencies to pursue antitrust actions against big tech companies.