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Mergers and Acquisitions
CCCS reviews mergers and acquisitions to prevent anti-competitive outcomes, ensuring fair market competition and protecting consumer interests in Singapore.
Last updated 2 June 2025
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Understanding Anti-Competitive Mergers
What are anti-competitive mergers, and why are they bad?
Not all mergers give rise to competition issues. Many mergers are either pro-competitive (because they positively enhance levels of rivalry), or are competitively neutral. In order to determine whether a merger is anti-competitive, CCCS will assess whether the merger leads to a substantial lessening of competition, e.g. resulting in an increase in prices above the prevailing level, lower quality, and/or less choices of products and services for consumers. If so, such a merger will infringe Section 54 of the Competition Act.
Recognising Anti-Competitive Mergers
Generally, competition concerns are unlikely to arise in a merger situation unless:
The merged entity has/will have a market share of 40% or more; or
The merged entity has/will have a market share of between 20% to 40% and the post-merger combined market share of the three largest firms is 70% or more
You may also consider whether the merging entity will affect the competition landscape in the market, such as giving rise to coordinated behaviour among firms (because the number of players in the market are reduced) or lead to increased market power such that the merging entity is able to raise prices and/or reduce output or quality after the merger.
Some mergers may also be exempted or excluded. Click here for a comprehensive list of exclusions and exemptions.
Other Useful information
Where can I find more information?
1) CCCS Guidelines – Please refer to CCCS Guidelines on the Substantive Assessment of Mergers and CCCS Guidelines on Merger Procedures
2) Public Register – The public register carries a full listing of CCCS’s decisions.
3) FAQs – You may also find the answer to your question(s) in our FAQ section.
4) You can also find more information on the Monetary Authority of Singapore Securities Industry Council's Practice Statement on the CCCS Merger Procedures.
What can CCCS do?
Merging entities are not required to notify CCCS of the merger but should carry out their own self-assessment. If they are concerned about infringing the Act, they should notify CCCS of the merger. In such cases, CCCS will determine whether the merger will substantially lessen competition and will publish its decision.
In the event that a merger which may substantially lessen competition comes to the attention of CCCS, we have substantial investigation powers that can be exercised if there are reasonable grounds for suspecting that the Competition Act has been infringed, including the ability to impose interim measures directions to prevent serious irreparable damage or protect the public interest whilst investigations are ongoing. In the event of an infringement, CCCS can impose substantial financial penalties of up to 10% of the turnover of the business in Singapore for each year of infringement, up to a maximum of 3 years. Directions to remedy, mitigate or eliminate the adverse effects arising from the merger may also be issued.
What can I do?
Report
If you know of a merger that substantially lessens or will lessen competition, file a complaint with CCCS.
Give views
When the businesses notify CCCS of their intent to merge, we publish the notifications on our website to solicit views from members of the public. Visit the Public Consultation section to give your views.
Self-Assess
If you are merging with another company, do a self-assessment to find out if you may infringe the Act using the CCCS Guidelines on the Substantive Assessment of Mergers.
File a Notification
If you feel that there are grounds for concern after performing the self-assessment, file a notification for decision with CCCS.