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Nathan Barba

Systems Engineer at NASA JPL

Nathan Barba, a driven Investment Banking Analyst at GCA, boasts impressive academic credentials from the University of Southern California. Having earned a Bachelor of Science degree in Chemical Engineering (2020) and a Master of Science degree in Finance (2020), Barba has proven his ability to excel in rigorous academic environments. In addition, he acquired valuable experience while serving as a former Student Worker at the university's Marshall School of Business and as a Manufacturing Engineering Intern at Ascentec Engineering LLC. Prior to his current role, Barba served as an Investment Banking Summer Analyst at GCA, where he displayed his keen analytical skills and expert financial know-how. With his passion for finance and engineering, Barba is poised to make a significant impact in the investment banking world.

Highlights

Jul 29 · linkedin

The U.S. M&A market could see a boost following a June Supreme Court decision.

Put simply, this ruling (Loper Bright Enterprises v. Raimondo) mandates that grey area in Administrative law will be decided in courts – where companies and their regulators can make arguments – rather than relying solely on interpretations by federal agencies themselves, as has been the practice since the Chevron Doctrine took effect in 1984.

What does this have to do with M&A? The FTC and DOJ are the primary regulatory authorities that enforce antitrust rules. They can reject deals swiftly or drag out the process, increasing deal risk and expense (more so if dealmakers appeal a ruling). According to Jamillia Ferris, Maureen Ohlhausen and other experts from corporate law firm Wilson Sonsini Goodrich & Rosati, this SCOTUS decision limits the authority (https://bit.ly/4c1NrfE) of these regulators and over time could give companies a clearer path to closing acquisitions more efficiently with a higher success rate.

In recent years, US regulators have become increasingly anti-M&A, as explained in a 2024 George Mason University policy paper (bit.ly/4dDEdrl) by Theodore Bolema on FTC and DOJ merger guidelines. While cancelled deals make headlines (e.g., Adobe-Figma, reut.rs/4diff09), what’s more significant are the numerous deals you never hear about because companies aren’t attempting acquisitions that they otherwise would in a less hostile regulatory environment.

This isn’t intended to be an argument for or against the SCOTUS ruling (its scope goes well beyond this subject), but it is encouraging for M&A. The prospect of a billion-dollar exit via acquisition is a major driver of capital formation and innovation, especially with the currently narrow IPO window. Without that opportunity, the risk-reward of entrepreneurship and early/growth stage investing is less attractive. Yes, there are situations where scrutiny is warranted, and the FTC/DOJ will continue to play major roles. These are also not the only hurdles to consider (European regulators are not impacted).

It’s not entirely clear why Wiz rejected Google's offer last week, but perhaps those talks alone signal a favorable turning point.

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Nathan Barba
Nathan Barba, photo 1
Nathan Barba, photo 2
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Experience

Systems Engineer at NASA Jet Propulsion Laboratory (January 2018 - Present)
Investment Advisor at Charles Schwab (June 2006 - October 2009)

Education

Master of Engineering in Systems Engineering from Arizona State University (2018 - 2020), Bachelor's in Mechanical Engineering and Aerospace, Aeronautical and Astronautical/Space Engineering from Ariz

Location

San Francisco Bay Area