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Photo of Keith  Waehrer, PhD


Keith Waehrer has testified at deposition and trial on mergers, monopolization claims, and calculations of reasonable royalties. He has worked on some of the highest profile antitrust litigations in recent years—State of New York et al. v. T-Mobile-Sprint, FTC v. Qualcomm, United States v. AT&T-Time Warner, and United States of America et al. v. American Express Co. et al.—and on significant mergers—E.I. DuPont de Nemours & Co. and Dow Chemical Company, United Technologies Corp. and Rockwell Collins, and Comcast and Time Warner Cable (abandoned). Having authored highly regarded papers on the subject, Dr. Waehrer is an expert in the analysis of competitive effects in auction markets and the impact of overlapping minority shareholdings on competition.

As a visiting partner at ESMT Competition Analysis (now known as E.CA Economics) in Berlin, Germany, Dr. Waehrer worked on a number of significant matters before the European Commission and national competition authorities in Europe. Dr. Waehrer’s international experience also includes work on a significant merger matter before the South African competition authorities. He has worked on matters involving a wide range of industries, including consumer products, telecommunications, aerospace, music licensing, Internet services, pharmaceuticals, financial services, e-commerce, agricultural inputs, industrial parts, and chemicals. Dr. Waehrer has been named to Global Competition Review’s list of International Who’s Who of Competition Economists in 2012, 2018, 2019, and 2020.


PhD, Economics, Rutgers University

MA, Economics, Rutgers University

BA, Economics, Trinity College

Selected Work

Selected Experience

  • On behalf of a group of state Attorneys General litigating to block the merger of Sprint and T-Mobile, led the team supporting the testimonies of Professors Carl Shapiro and Fiona Scott Morton.
  • Assessed potential overcharges associated with the alleged bid-rigging of bids over sports broadcasting rights.
  • On behalf of the Federal Trade Commission (FTC), led the team supporting Professor Carl Shapiro’s reports in litigation against Qualcomm in Federal Trade Commission v. Qualcomm Inc. 
  • Supported DOJ expert Professor Carl Shapiro in the agency’s litigation over the proposed merger of AT&T and Time Warner.
  • On behalf of DuPont, analyzed likely competitive effects of its proposed merger with Dow Chemical in a wide range of markets, including seeds and transgenic traits, agricultural chemicals, and specialty polymers.
  • Provided support for expert testimony on behalf of American Express in its litigation with DOJ
  • Provided support for expert testimony before the Copyright Royalty Board in the SARS III proceeding on behalf of Sirius XM. 
  • Provided support for expert testimony on behalf of Songkick in connection with Complete Entertainment Resources LLC d/b/a/ Songkick v. Live Nation Entertainment, Inc; Ticketmaster LLC.
  • Assisted counsel for International Paper Company by performing merger analyses, including a merger simulation, of International Paper’s proposed acquisition of Weyerhaeuser's pulp business.
  • Contributed analyses and advice to counsel for Nelnet in connection with its acquisition of Great Lakes’ student loan business. Submitted a white paper and participated in meetings with the DOJ staff and front office.
  • Assisted the Competition Bureau of Canada in its review of the Iron Mountain/Recall merger.
  • On behalf of the Department of Justice, prepared as a testifying expert regarding the proposed mergers of Caraustar and Newark, which manufacture uncoated recycled boxboard along with a number of downstream products; Flakeboard and Sierra Pine, which manufacture medium density fiberboard and particleboard; and and Endicia, which provide computer-based systems for buying printable United States postage. 
  • Provided trial testimony on behalf of Pandora in its litigation with Broadcast Music, Inc. (BMI) regarding the royalty rate for Pandora’s use of music licensed by BMI (Broad. Music, Inc. v. Pandora Media, Inc.).
  • Led the Bates White team providing support for Dr. Joseph Farrell, who provided expert analysis to the FCC on behalf of Cogent Communications regarding the proposed merger of Comcast and Time Warner Cable
  • Submitted testimony to the Copyright Royalty Board on behalf of National Public Radio, Inc. and the Corporation for Public Broadcasting as part of the Webcasters IV proceeding to determine webcaster royalties for the digital performance rights in sound recordings and ephemeral recordings.
  • In the matter In re Petition of Pandora Media, Inc., led the Bates White team providing support for the expert analyses, reports, and testimony of Dr. Leslie Marx on behalf of Pandora in its litigation with the American Society of Composers, Authors, and Publishers (ASCAP). 
  • Led the Bates White support team for experts in the matter Monsanto v. DuPont.
  • On behalf of Express Scripts in connection with its $29 billion acquisition of Medco Health Solutions, conducted both an upward pricing pressure analysis and a merger simulation to predict the competitive effect of the merger in order to demonstrate that the proposed transaction would not have an anticompetitive effect.  
  • Testified before the South African Competition Tribunal on unilateral and coordinated effects of the proposed Pioneer Hi-Bred–Pannar Seed merger, along with the effects of efficiencies on postmerger pricing. 
  • Served as testifying expert on behalf of Allflex in Allflex v. Avid Identification Systems.
  • Served as testifying expert in The Crystal Import Corporation v. Avid Identification Systems, an exclusionary conduct matter regarding radio frequency identification microchips.

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