Ryan C.Thomas

Partner

Washington + 1.202.879.3807

Clients turn to Ryan Thomas for their most significant antitrust matters involving complex M&A, government investigations, counseling, and litigation. Ryan regularly appears before the United States Department of Justice (DOJ), Federal Trade Commission (FTC), and state attorneys general. He has extensive experience successfully leading cross-border matters involving enforcers in North America, Europe, and Asia.

Ryan has 20 years' experience across many sectors, including semiconductors, hardware and artificial intelligence (AI), financial institutions, payment products and services, pharmaceuticals, ophthalmic lenses and eyewear, aerospace, medical devices, and consumer and industrial goods.

He has secured antitrust clearances in many complex transactions, including NVIDIA's acquisition of Mellanox; Essilor's combination with Luxottica; USG's acquisition by Knauf; Hertz's acquisition of Dollar Thrifty; and XM's merger with Sirius. He has significant experience navigating antitrust and bankruptcy laws, recently representing M&G Chemicals before the FTC in its $1.1 billion sale of PET assets. Ryan also represents clients in merger litigations, including the successful defense of STERIS's acquisition of Synergy Health against an FTC challenge.

Apart from transactional work, Ryan defends clients against monopolization claims, recently obtaining a favorable outcome for a technology company targeted in a government investigation. He also helps clients manage day-to-day risks, providing user-friendly advice on pricing, distribution, and marketing practices.

Ryan has been recognized by Who's Who Legal as a "Future Leader," "eminently practical," and "very good in front of clients." He writes and speaks frequently on important antitrust enforcement topics, including the failing firm doctrine, vertical mergers, blockchain, and future/potential competition issues.

Experience

  • Milliken & Company acquires Encapsys, LLCJones Day advised Milliken & Company in its acquisition of Encapsys, LLC, a world leader in microencapsulation delivery systems for the building, construction, paper, bedding and personal care industries.
  • Cleveland-Cliffs acquires Ferrous Processing and Trading Company for $775 millionJones Day is advising Cleveland-Cliffs Inc. in the $775 million acquisition of Ferrous Processing and Trading Company (FPT), including certain related entities.
  • Materion to acquire H.C. Starck's electronic materials portfolio for $380 millionJones Day is advising Materion Corporation, a world leader in high performing advanced materials, on its acquisition of H.C. Starck Solutions' industry-leading, electronic materials business, located in Newton, Massachusetts ("HCS-Electronic Materials") for $380 million.
  • The Duchossois Group agrees to sell The Chamberlain Group LLC to BlackstoneJones Day is advising The Duchossois Group, Inc. in the sale of The Chamberlain Group LLC, a global leader in smart access solutions, to private equity funds managed by Blackstone.
  • Misonix merges with BioventusJones Day represented Misonix, Inc. (Nasdaq: MSON) in its acquisition by Bioventus Inc. (Nasdaq: BVS).
  • Skyworks Solutions acquires Infrastructure and Automotive business of Silicon Laboratories for $2.75 billionJones Day advised Skyworks Solutions, Inc., an innovator of high-performance analog semiconductors, in connection with its acquisition of the Infrastructure and Automotive business of Silicon Laboratories Inc. (NASDAQ: SLAB), a leading provider of silicon, software, and solutions, in an all-cash asset transaction valued at $2.75 billion.
  • Axion BioSystems completes sale of company to Summa EquityJones Day advised Axion BioSystems, Inc., a leading provider of MEA and impedance technology for single-cell analysis, in its sale of the company to Summa Equity.
  • Cooper Tire & Rubber sold to The Goodyear Tire & Rubber Company for approximately $2.5 billion enterprise valueJones Day advised Cooper Tire & Rubber Company in its $2.5 billion sale to The Goodyear Tire & Rubber Company.
  • STERIS acquires Cantel Medical for $3.6 billionJones Day advised STERIS plc in its acquisition of Cantel Medical Corp, a global provider of infection prevention products and services primarily to endoscopy and dental customers, for $3.6 billion.
  • MedShape acquired by DJOJones Day advised MedShape, Inc., a privately held orthopedic medical device company founded in 2005, in connection with its acquisition by DJO, a subsidiary of Colfax Corporation.
  • Ferro Corporation sells its global Tile Coatings Business to Lone Star Funds for $460 millionJones Day advised Ferro Corporation, a leading global supplier of technology-based performance materials, in the sale of its global Tile Coatings Business to Pigments Spain, S.L., a portfolio company of Lone Star Funds, for $460 million in cash, with potential earnout payments of up to $32 million in cash based on the performance of the business pre-closing, subject to customary adjustments.
  • Cleveland-Cliffs acquires ArcelorMittal USA for approximately $1.4 billionJones Day advised Cleveland-Cliffs Inc. in connection with the acquisition and financing of substantially all of the operations of ArcelorMittal USA for approximately $1.4 billion.
  • Diodes acquires Lite-On Semiconductor Corporation for approximately $446 millionJones Day advised the Special Committee of the Board of Diodes Incorporated in the acquisition of Lite-On Semiconductor Corporation for approximately $446 million in cash.
  • STERIS acquires Key Surgical for approximately $850 millionJones Day advised STERIS plc (NYSE: STE) in the $850 million acquisition of Key Surgical, a leading global provider of sterile processing, operating room, and endoscopy products, and a portfolio company of Water Street Healthcare Partners, LLC.
  • Helios Technologies acquires Balboa Water Group for $218.5 millionJones Day advised Helios Technologies in the $218.5 million acquisition of BWG Holdings I Corp. (operating as Balboa Water Group) from investment funds affiliated with AEA Investors LP.
  • NVIDIA acquires Mellanox Technologies for approximately $7 billionJones Day advised NVIDIA Corporation in its acquisition of Mellanox Technologies, Ltd., an Israel-based leading supplier of end-to-end InfiniBand and Ethernet interconnect solutions and services for servers and storage.
  • Imerys acquires Cornerstone Industrial Minerals CorporationJones Day advised the Imerys Group, a world leader in mineral specialties for industry, in the acquisition of the business of mining, processing, and marketing perlite conducted by Cornerstone Industrial Minerals Corporation.
  • Cleveland-Cliffs acquires AK Steel in $1.1 billion stock swapJones Day advised Cleveland-Cliffs Inc. (NYSE: CLF) in its merger with AK Steel Holding Corporation (NYSE: AKS) pursuant to which Cliffs acquired all of the issued and outstanding shares of AK Steel common stock.
  • Milliken & Company acquires Borchers from The Jordan CompanyJones Day advised Milliken & Company in its acquisition of Borchers Group Limited, a global specialty chemicals company known for its innovative high-performance coating additives and specialty catalyst solutions, from The Jordan Company, L.P.
  • Sumitomo Dainippon Pharma acquires late stage biopharma companies and forms alliance with Roivant Sciences Ltd. worth $3 billionJones Day advised Sumitomo Dainippon Pharma Co., Ltd. ("Sumitomo") in an acquisition of late stage biopharma companies and formation of alliance with Roivant Sciences Ltd.
  • Additional Publications

    • October 2021
      What a Difference a Year Makes: FTC Withdraws Vertical Merger Guidelines, The M&A Lawyer, Vol. 25, Issue 9
    • 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

    Speaking Engagements

    • 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