2015 was a record year for M&A, both in volume and the total value of corporate megadeals. Governments around the world have noticed, scrutinizing such deals for anticompetitive practices and reviewing pending and even sometimes completed mergers. This changing regulatory environment has raised the uncertainties and risks of M&A, particularly on the selling side. Mitigate these risks by assessing and evaluating the relevant regulatory landscape and including conditions — such as reverse termination fees, or hell-or-high- water provisions — in purchase agreements.