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CCCS merger threshold check

Short answerSingapore merger notification is voluntary. The CCCS says a merger is unlikely to raise competition concerns unless the merged business will have 40% or more of a market, or 20% to 40% where the top three firms hold 70% or more, and that mergers between small companies are unlikely to raise concerns. Enter your figures to see where your deal sits.

CCCS merger guides

Market share guide (40%, or 20-40% with CR3 70%)Below the guide
Small merger guide (S$5m each, S$50m worldwide)Outside the small merger guide
Indicative viewUnlikely to raise concerns; notification usually not needed

How it works

Market shares depend on how the market is defined, which is often the hardest part of the analysis. Use your counsel's view of the relevant product and geographic market.

The small merger guide applies where each party's Singapore turnover in the last financial year was below S$5 million and their combined worldwide turnover was below S$50 million. Passing either guide does not stop the CCCS from reviewing a merger, but it is a useful first screen.

Background: CCCS merger control and your data room.

Source: CCCS Guidelines on the Substantive Assessment of Mergers; Competition Act 2004, section 54. Estimates only; confirm with your advisers.

Questions people ask

Do I have to notify the CCCS?

No, notification is voluntary. Parties notify when they want legal certainty, usually when market shares are close to or above the guides.

What is CR3?

The combined market share of the three largest firms in the market after the merger.

How long does a CCCS review take?

Phase 1 is indicatively 30 working days from a complete notification. A Phase 2 review is indicatively 120 working days.