KIRKLAND ALERT | 2 quisition of billboard assets is not exempt under Rule 802.5 if the buyer will use or the seller is using the assets to generate revenues from advertisers as part of their respective advertising businesses, as opposed to simply holding the real property and receiving rental income.  Likewise, the acquisition of telecommunications towers is not exempt under Rule 802.5 if the buyer intends to use the assets to provide telecommunications services to wireless providers. In its notice, the PNO maintains that the prior informal interpretations applying the Rule 802.5 investment rental property exemption expanded the rule’s application “well beyond” its original intent and that the PNO’s current approach merely restores the original scope of the exemption. The PNO’s new position on this topic underscores the importance of keeping up to date on current PNO guidance regarding the application of the HSR rules and exemptions. It also demonstrates that the PNO regularly evaluates its informal guidance and will not hesitate to revise prior positions should it identify compelling reasons to do so. The PNO’s new position underscores the importance of keeping up to date on current PNO guidance regarding the application of the HSR rules and exemptions. The announcement of the PNO’s revised position on Rule 802.5 can be found at: https://www.ftc.gov/news-events/blogs/competition-matters/2015/07/hsr-rule8025-investment-rental-property-exemption. If you have any questions about the matters addressed in this Kirkland Alert, please contact the following Kirkland authors or your regular Kirkland contact. Ellen M. Jakovic Kirkland & Ellis LLP 655 Fifteenth Street, N.W. Washington, D.C.

20005-5793 ellen.jakovic@kirkland.com +1 (202) 879-5915 Bilal Sayyed Kirkland & Ellis LLP 655 Fifteenth Street, N.W. Washington, D.C. 20005-5793 bilal.sayyed@kirkland.com +1 (202) 879-5192 Michael D. Thorpe Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 michael.thorpe@kirkland.com +1 (312) 862-2194 Kurt Wunderlich Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 kurt.wunderlich@kirkland.com +1 (312) 862-4438 This communication is distributed with the understanding that the author, publisher and distributor of this communication are not rendering legal, accounting, or other professional advice or opinions on specific facts or matters and, accordingly, assume no liability whatsoever in connection with its use.

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