The Federal Trade Commission (FTC) has approved a final consent order with Welsh, Carson, Anderson & Stowe, commonly known as Welsh Carson, to resolve potential antitrust violations linked to its portfolio company, U.S. Anesthesia Partners (USAP).

The FTC's charges claimed that Welsh Carson, through USAP, engaged in anticompetitive practices by acquiring numerous large anesthesia practices in Texas, which allegedly suppressed competition and increased prices for anesthesiology services.

As part of the consent order, Welsh Carson is mandated to limit its involvement with USAP and must notify the FTC of any future acquisitions or investments in anesthesia and other hospital-based physician practices.

This consent order follows a federal lawsuit initiated by the FTC against USAP and Welsh Carson in September 2023, which accused them of implementing a roll-up strategy to dominate the anesthesia market in Texas.

Welsh Carson was dismissed from the FTC's federal case in May 2024, while the case against USAP continues to move forward in federal court. The final order was approved unanimously by the Commission after a public comment period.