Abstract
Many countries have adopted merger control regimes to prevent anti-competitive mergers, but usually, only large deals must be notified to the authorities. This article examines the effect of exempt acquisitions in the Finnish private healthcare market. The market has experienced rapid consolidation, but only a small fraction of transactions have been notified to the Competition Authority. Using data from hundreds of acquisitions and employing a difference-in-differences approach, we find significant post-acquisition price increases in acquired clinics compared to non-acquired ones.