Ryan C. Thomas

Partner

Washington + 1.202.879.3807

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Clients turn to Ryan Thomas for their most significant antitrust matters involving complex M&A, investigations, and litigation. He is recognized by leading publications, including Who's Who Legal and The Legal 500, as a future leader and for being pragmatic and business-oriented. He was included among Lawdragon's inaugural list of the "500 Leading Litigators in America."

Ryan advises on competition and consumer protection cases before the Federal Trade Commission (FTC), Department of Justice (DOJ), state attorneys general, and authorities in Europe and Asia. Ryan's experience spans industries, including artificial intelligence, aerospace, semiconductors, pharmaceuticals, food and agriculture, and building products. He regularly counsels companies with strong market positions in dynamic industries.

Ryan has obtained merger clearances in hundreds of transactions, including Cleveland Cliffs' acquisition of ArcelorMittal USA, Cooper Tire's sale to Goodyear Tire, Sumitomo Pharma's alliance with Roivant Sciences, USG's sale to Knauf, STERIS' acquisition of Synergy Health, NVIDIA's acquisition of Mellanox, Essilor's combination with Luxottica, Safran's acquisition of Zodiac, Hertz's acquisition of Dollar Thrifty, and XM's merger with Sirius.

Ryan defends clients in high-stakes government investigations and antitrust litigation involving mergers, monopolization, and conspiracy claims. He represented STERIS in the FTC's first merger litigation loss in years, convincing the court that the agency's future, "potential competition" claims lacked merit. More recently, Ryan obtained a favorable outcome for a leading technology company targeted in a government monopolization investigation. He is currently representing a Fortune 500 company in a concurrent government antitrust investigation and private class action litigation.

Ryan writes and speaks frequently on antitrust enforcement topics.

Experience

  • Corpay agrees to $300 million minority investment by Mastercard in its cross-border businessJones Day represented Corpay, Inc. (NYSE: CPAY) in connection with a $300 million minority investment by Mastercard in Corpay’s cross-border business.
  • Logility enters into acquisition agreement with ApteanJones Day advised Logility Supply Chain Solutions, Inc. (NASDAQ: LGTY) in the acquisition by Aptean, Inc., a private equity-backed enterprise software company, for $14.30 per share in cash, or an enterprise value of approximately $490 million.
  • Jones Day advises Catalent's Board of Directors in merger with Novo HoldingsJones Day advised the Board of Directors of Catalent, Inc. in the $16.5 billion merger of Catalent with Novo Holdings.
  • Corpay acquires GPS Capital MarketsJones Day advised Corpay, Inc. in the acquisition of GPS Capital Markets, LLC and its subsidiaries, a group that provides business-to-business cross-border and treasury management solutions, in Corpay’s third largest deal ever.
  • Corpay sells merchant solutions business to PDI TechnologiesJones Day advised Corpay, Inc. in the sale by its subsidiary, Comdata, Inc., of Comdata's point of sale merchant solutions business to PDI Technologies, Inc.
  • Reneo Pharmaceuticals announces reverse merger with OnKureJones Day represented Reneo Pharmaceuticals, Inc. (NASDAQ: RPHM) in an all-stock reverse merger between Reneo and OnKure, Inc., a privately-held, clinical-stage biopharmaceutical company valued at $170 million that is focused on the development of novel precision medicines in oncology.
  • Koch reaches agreement to acquire Wever fertilizer plant from OCI GlobalJones Day advised Koch Ag & Energy Solutions, LLC, an affiliate of Koch Industries, Inc., in the $3.6 billion acquisition of Iowa Fertilizer Company (IFCO) from OCI N.V., a Netherlands-based producer and distributor of hydrogen products.
  • Five9 acquires AcqueonJones Day advised Five9, Inc. in its acquisition of Acqueon, a pioneering real-time revenue execution platform, realizing Five9's ambition to become the orchestration engine for every interaction across the entire customer journey, including marketing, e-commerce, sales and customer service through AI-driven, omnichannel proactive customer engagement.
  • Cushman & Wakefield sells third-party multi-site vendor managed site maintenance businessJones Day advised Cushman & Wakefield in the sale of its third-party multi-site vendor managed site maintenance business, including the sale of wholly-owned subsidiaries Cushman & Wakefield Solutions, LLC and Cushman & Wakefield Solutions Canada ULC to Vixxo, a leading facilities solutions company.
  • TransDigm acquires the electron device business of Communications & Power IndustriesJones Day represented TransDigm Group Incorporated on the regulatory and international aspects associated with its acquisition of the electron device business of Communications & Power Industries for approximately $1.39 billion.
  • STERIS sells dental segment to an affiliate of Peak Rock CapitalJones Day advised STERIS Plc in the $787.5 million sale of Dental segment to Peak Rock Capital, a leading middle-market private investment firm.
  • TransDigm acquires division of GKN AerospaceJones Day represented TransDigm Group, a leading global developer and manufacturer of aerospace components, in connection with its acquisition of a division of GKN Aerospace that manufactures fuel systems and flotation devices (FPT Industries).
  • Curran Group sells Crossville, Inc. to AHF ProductsJones Day acted as Antitrust counsel to the Curran Group in its sale of assets of Crossville, Inc., a highly regarded brand in commercial and residential tile products, to AHF Products.
  • FLEETCOR acquires PayByPhoneJones Day advised FLEETCOR Technologies, Inc. in the acquisition of PayByPhone, a global provider of digital parking payment solutions.
  • Timken acquires Des-CaseJones Day advised The Timken Company in the acquisition of Des-Case Corp., a Nashville, Tenn.-based manufacturer of specialty filtration products for industrial lubricants.
  • Five9 acquires Aceyus for $82 millionJones Day represented Five9, Inc. in its acquisition of 100% of the equity of Aceyus, Inc. for $82 million in cash.
  • Astellas acquires Iveric bioJones Day advised Astellas Pharma Inc. in the $5.9 billion cash acquisition of Iveric bio, Inc., a science-driven biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs.
  • Fortrea completes $570 million private placement of Senior Secured Notes and obtains $1.5 billion credit facilityJones Day represented Fortrea Holdings Inc., a leading global contract research organization (“CRO”) that provides comprehensive phase I through IV biopharmaceutical product and medical device services, patient access solutions and other enabling services, in connection with the Rule 144A and Regulation S offering of $570 million aggregate principal amount of 7.500% Senior Secured Notes due 2030 and a $1.5 billion senior secured credit facility as part of its spin-off from Laboratory Corporation of America Holdings.
  • AAR acquires TraxJones Day advised AAR CORP. in the acquisition of Trax USA Corp., a leading independent provider of aircraft MRO and fleet management software, for a purchase price of $120 million in cash, plus up to a $20 million earn-out payment based on specified adjusted revenues in calendar year 2023 and 2024.
  • Cargill acquires Owensboro GrainJones Day advised Cargill, Incorporated in the acquisition of Owensboro Grain Company.
    • View All

    December 2024 White Paper

    Antitrust/M&A Year-in-Review 2024

    January 2024 Alert

    China Increases Its Merger Control Thresholds

    December 2023 Alert

    The Hammer Falls: U.S. Antitrust Agencies Issue Final Antitrust Merger Guidelines

    July 2023 White Paper

    DOJ/FTC Propose Massive Changes to HSR Premerger Filings: What You Need to Know

    March 2023 White Paper

    2022 Annual M&A/PE Review and 2023 Forecast

    November 2022 White Paper

    FAQ About the FTC's Controversial New "Unfair Methods of Competition" Policy

    July/August 2022 External Publications

    U.S. Antitrust Agencies Take Aim at Private Equity, The M&A Lawyer

    June 2022 Alert

    Saudi Antitrust Authority Blocks First Vertical Transaction Under New Competition Law

    April 2022 Commentary

    DOJ Makes Giving Up Harder: Stricter Requirements for Seeking Leniency

    March 2022 Commentary

    EU Chips Act: The EU's Push for Semiconductor Autonomy
    View All

    Additional Publications

    • August 2022
      U.S. Antitrust Agencies Take Aim at Private Equity, The M&A Lawyer, Vol. 26, Issue 7
    • January 21, 2021
      China's New Merger Rules Streamline Process But May Extend Some Reviews, The M&A Lawyer, Vol. 25, Issue 1
    • Fall 2020
      Blockchain Technology: A Future Antitrust Target, published in 30 Competition: J. Anti., UCL & Privacy Sec. Cal. L. Assoc. 18
    • April 2020
      DOJ Prevails in Unprecedented Arbitration in Merger Challenge, Signaling More Arbitration in Future Merger Challenges, The M&A Lawyer, Volume 24, Issue 4
    • September 2018
      DOJ Rattles the Sabre: A Template for High Tech Merger Challenges?, M&A Lawyer, Vol. 23, Issue 8
    • December 2018
      U.S. antitrust law developments chapter in "Report on Competition Law and Policy of China (2017)" published by China Society for World Trade Organizational Studies
    • December 2018
      U.S. antitrust law developments chapter in Report on Competition Law and Policy of China (2017) published by China Society for World Trade Organizational Studies
    • August 2013
      Three Years in Rental Cars -- A Wild Ride, 13 The Threshold 3
    • May 2012
      What Companies Can Learn From AU Optronics, Law 360
    • May 2012
      Beware Obstruction of Justice In Merger Investigations, Law 360
    • April 2012
      M&A Lawyer: Hostile Transactions: A Different Antitrust Playbook
    • June 2009
      The Rules of Professional Conduct Are Not Aspirational: Joint Representation of Corporations and Their Employees, Antitrust Source (Read the article.)
    • April 2009
      FTC v. CCC Holdings: Message Received, GCP Magazine
    • November 2008
      XM-Sirius: A Case Study in the Debate Over High Technology Merger Review, Icarus, Newsletter of the Computer & Internet Committee of the ABA Antitrust Section
    • Fall 2008
      XM-Sirius: A View From the Dugout, The Threshold, Newsletter of the Mergers & Acquisitions Committee of the ABA Antitrust Sectio
    • 2005
      Executives Beware: Extradition and the Long Arm of US Law, Young Lawyers, Newsletter of the Young Lawyers' Committee of the International Bar Association
    • 2002
      Practice Guide: Premerger Notification Under the Hart-Scott-Rodino Act, Antitrust Committee of the Section of Business Law

    Additional Speaking Engagements

    • May 25, 2023
      Breaking News: Monopolization claims in FTC v. Amgen/Horizon
    • January 11, 2023
      Panelist, The ABCs of Antitrust and Blockchain, Antitrust Section of the American Bar Association
    • September 28, 2022
      Lecturer, Introduction to U.S. Competition Law, Peking University Law School
    • September 15, 2022
      Panelist, “Antitrust Resurgence or Revolution,” Jones Day MCLE University – Minneapolis, Minnesota
    • January 22, 2021
      Panelist, Antitrust and Blockchain, New York State Bar Association, Antitrust Law Section, Annual Meeting
    • October 21, 2020
      U.S. Competition Law: Fundamentals and Selected Issues, speaker, Peking University
    • October 14, 2020
      Global Antitrust Update (US, Europe, China, Australia, Japan), speaker
    • February 13, 2019
      SciTech Focus on Blockchain: Antitrust Regulation and Blockchain Technology, panelist, American Bar Association
    • November 29, 2018
      U.S. Competition Law: Recent Developments in Technology Markets, speaker, Monte Jade Global Antitrust Competition Law Forum
    • November 28, 2018
      U.S. Competition Law: Fundamentals and Selected Issues, speaker, Peking University
    • December 3, 2015
      Presentation on U.S. & China Antitrust Developments
    • June 20, 2013
      Antitrust Investigations: Tactical and Ethical Issues, D.C. Bar Association
    • July 12, 2012
      Antitrust Investigations: Tactical and Ethical Issues, D.C. Bar Association
    • November 3, 2010
      A Smarter Way: Acuity All-In-One Legal Review, panelist
    • December 17, 2008
      Overview of Key Statutes in U.S. Department of Justice Criminal Antitrust Investigations and Prosecutions, panelist, American Bar Association (Antitrust Section) Cartel and Criminal Practice Committee

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