What it covers
The CCCS does not require filing, but it can investigate a completed merger and impose remedies or penalties if it finds a substantial lessening of competition. Its guidelines say a merger is unlikely to raise concerns unless the merged entity will have a market share of 40% or more, or between 20% and 40% where the combined share of the three largest firms is 70% or more. Mergers between small parties, each with Singapore turnover below S$5 million and combined worldwide turnover below S$50 million, are also unlikely to raise concerns.
Parties who notify get a Phase 1 review, indicatively 30 working days, and a Phase 2 review of 120 working days if the CCCS has concerns. Many deals include a condition for CCCS clearance when the shares are close to the guides.
Competition law also limits what competitors can exchange before completion. Sharing current prices, bids or customer-level margins can itself breach the Act. A clean team folder in the data room, open only to outside counsel and economists, is the usual answer.
Key provisions and what they mean in the room
| Rule | What it says | In the data room |
|---|---|---|
| Section 54 prohibition | Mergers that have resulted or may result in a substantial lessening of competition in any market in Singapore are prohibited. | Market data and overlap analysis belong in a counsel-only folder. |
| Voluntary notification | Parties may notify for a decision; the CCCS can also review un-notified mergers. | Prepare the notification evidence in parallel with diligence. |
| Section 34 (anti-competitive agreements) | Agreements and concerted practices between competitors that restrict competition are prohibited. | Use a clean team for competitively sensitive data before completion. |
Setting up the room
Set up the clean team folder
Restrict current pricing, customer contracts and pipeline data to named outside counsel and consultants, who report only aggregated findings to the buyer.
Prepare market evidence
Market size estimates, competitor lists and internal strategy papers will be needed for any notification.
Watch internal documents
Board papers describing the deal in market power terms can be requested by the regulator.
Checklist
- Market shares estimated against the 40% and 20% guides.
- Small merger guide checked against Singapore and worldwide turnover.
- Clean team protocol signed.
- Competitively sensitive folders restricted.
- Decision on notification recorded with reasons.
CCCS merger guides
Singapore 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.
More on the cccs merger guides calculator
Source: Competition Act 2004, sections 34 and 54; CCCS Guidelines on the Substantive Assessment of Mergers and on Merger Procedures. This page is general information, not legal or tax advice.
Questions people ask
Is merger notification compulsory in Singapore?
No. The regime is voluntary. Parties assess whether the merger may substantially lessen competition and decide whether to notify the CCCS for a decision. The CCCS can still review un-notified mergers.
What market share triggers CCCS interest?
The CCCS is likely to examine a merger where the merged entity will have 40% or more of a market, or 20% to 40% where the three largest firms together hold 70% or more.
What is a clean team?
A small group of outside advisers who review competitively sensitive information, such as current prices and customer terms, and report only aggregated conclusions to the buyer so that competitors do not exchange sensitive data before completion.