Lisa Kaltenbrunner is a partner in Ropes & Gray’s antitrust department. Based in London, Lisa advises on all aspects of EU and UK competition law, with a focus on complex transactions and conduct matters. This includes abuse of dominance investigations, anti-competitive agreements and information exchange, market investigations, EU and UK merger control, and foreign direct investment strategy and filings. She also advises on EU foreign subsidies regulation.

In addition, Lisa represents clients in various high-profile antitrust investigations and merger inquiries carried out by the European Commission, the UK Competition and Markets Authority (CMA) and global antitrust agencies. She has been seconded to two FTSE 100 companies and to the CMA’s merger’s unit, working on both Phase I and II cases.

Lisa works with global companies across industries, including healthcare and life sciences, technology and private equity, among others. Clients describe Lisa in a leading legal directory as “an expert at antitrust analysis” and “an incredible source for market practice, the nuances of the regulations and the risk-based decisions to be made.”

Lisa co-leads Ropes & Gray’s BRidge to the City programme, a social mobility scheme launched in May 2022 for first-year university students from diverse and underserved low socioeconomic backgrounds in the UK. The programme is delivered in partnership with Bloomberg LP’s legal and compliance department and has been shortlisted for numerous awards.


  • Advising Nippon Steel Corporation on its ~$14 billion bid for US Steel.
  • Advised Audax Private Equity in an investment in BlueCat Networks, a provider of network infrastructure.
  • Advised the Sports Entertainment Acquisition Corporation (SEAH), a publicly traded special purpose acquisition company, in its merger with SGHC Limited, the parent company of Betway, a leading online sports betting and gaming business. 
  • Advised Galderma, one of the world’s largest independent dermatology companies, in its acquisition of Alastin Skincare, Inc.
  • Advised global medical technology leader Medtronic plc. in an agreement to acquire all outstanding shares of Intersect ENT in an all cash transaction for an approximate value of $1.1 billion.
  • Advised E-mart Inc. in its approximately $3 billion acquisition of 80.01% interest in eBay’s businesses in South Korea.
  • Advised 3i Group plc on its investment in Digital Barriers, a leading provider of IoVT (Internet of Video Things) surveillance and security products 
  • Advised Pfizer Inc. in its acquisition of Trillium Therapeutics Inc., a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, for approximately $2.26 billion
  • Advised Pulsant, one of the leading nationwide providers of data centre and cloud infrastructure in the UK, on its sale from Oak Hill Capital and Scottish Equity Partners to Antin Infrastructure Partners
  • Advised Blackstone Life Sciences in its combination with gene editing drugmaker Intellia Therapeutics, Inc. and German cell manufacturer Cellex Cell Professionals GmbH to create a new CAR T-cell company to develop cell therapies for cancer and autoimmune diseases
  • Advised Inflexion, a UK-headquartered private equity firm, and other shareholders (including the management team) on the sale of Reed & Mackay, a premium corporate travel management and events business, to TripActions, a U.S.-headquartered business travel and spend management platform 
  • Advised NeoGenomics, Inc., a leading provider of cancer-focused genetic testing services and global oncology contract research services, on its acquisition – including its financing via private placement of equity – of Inivata Ltd, a global, commercial stage liquid biopsy platform company, headquartered in Cambridge, UK
  • Advised Asklepios BioPharmaceutical, a U.S. biopharmaceutical company specialised in the development of gene therapies, on its sale to Bayer AG
  • Advising Wright Medical Group N.V. on its agreement to be acquired by Stryker Corp. in a transaction with a total enterprise value of approximately $5.4 billion

Notable transactions in which Lisa has been involved prior to joining the firm include:

  • Advised a global investment bank on multiple European Commission Article 101 investigations, including the Commission’s investigation into Credit Default Swaps, LIBOR and EURIBOR interest rate derivatives
  • Successfully defended a whistle-blower in its immunity application in front of the European Commission and national competition authorities
  • Acted for a global payment service provider in the European Commission’s antitrust investigation in relation to Multilateral Interchange Fees
  • Advised a pharmaceutical company on its appeal against the Competition and Market’s excessive pricing decision
  • Acted for a pharmaceutical company on its appeal to the Competition Appeal Tribunal in relation to the Competition and Markets Authority’s pay-for-delay decision
  • Advised a global network and telecoms supplier on its pricing compliance with Article 102 and distribution contracts
  • Advised a leading European payment card operator in its engagement with the UK Payment Service Regulator
  • Advised a UK Fintech on competition law compliance during its launch to market
  • Acted for two collecting societies on the successful establishment of a market-facing joint venture
  • Advised a global corporate client on European merger control aspects in relation to its strategic investment
  • Advised a TV advertisement client in relation to a UK merger filing
  • Advised a large UK real estate contractor on potential sale of stake to foreign investor

Areas of Practice


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