The ACCC has today released draft guidance explaining the processes the ACCC will use when assessing acquisitions under Australia's new merger regime, and is seeking feedback on the guidance through consultation.
In addition to releasing the draft merger process guidelines, the ACCC has also published a simpler quick guide for business and others less familiar with engaging with the ACCC on mergers.
Together they aim to assist businesses, advisers and other stakeholders understand and engage with Australia's new merger regime.
"The changes to the merger regime mean that all acquisitions that meet certain thresholds need to be notified to the ACCC for assessment from 1 January 2026. This is a major change for businesses and for the ACCC," ACCC Chair Gina Cass-Gottlieb said.
"We are committed to ensuring stakeholders are well informed about the new process and its requirements and to provide transparency in how we will assess mergers in the new regime."
The release of the draft merger process guidelines follow the recent release of guidance on transitional arrangements and the draft merger assessment guidelines.
"We committed to have these guidelines available for consultation before the end of March this year so stakeholders including businesses and their advisers have time to consider the ACCC's approach under the new regime and provide feedback," Ms Cass-Gottlieb said
"We know many businesses are already preparing for when the new merger control regime starts on a voluntary basis from 1 July 2025."
The ACCC has previously stated that it expects to approve around 80% of acquisitions in 15 to 20 business days, providing a faster and more predictable path to clearance.
"Acquisitions that do not pose significant risk to competition will be approved early in Phase 1 or may be granted a waiver, removing their obligation to notify," Ms Cass-Gottlieb said
"Contentious mergers on the other hand will be closely scrutinised and subject to in-depth assessment to prevent anti-competitive mergers from causing harm to consumers and competition."
The ACCC is seeking feedback on the guidance from businesses and their advisers, consumers and other interested members of the community. The guidelines and quick guide are available to download from the ACCC's consultation hub.
Consultation will run from 27 March to 28 April 2025.
The ACCC expects the merger process guidance will be updated and further refined over time, including following consultation and as the legislative instruments are finalised.
The six month voluntary notification period which begins on 1 July 2025 will provide a valuable opportunity for the ACCC to assess whether refinements to the processes are required, before the guidance are finalised.
Anyone interested in merger reform updates can subscribe for updates on the ACCC website here: Merger reform.
Note:
A number of legislative instruments which relate to details in the new merger regime, including the thresholds for merger notification and applicable fees, are being considered by Treasury.
They will take effect once set by a Treasury minister.
Background
On 10 December 2024, the Australian Parliament passed the Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024. The ACCC welcomed the new legislation.
Under the new regime, all acquisitions that are subject to the regime and meet a prescribed threshold must be notified to the ACCC. This represents a shift from a voluntary regime to a mandatory administrative regime.
The new regime commences on 1 January 2026. Businesses may voluntarily notify an acquisition to the ACCC from 1 July 2025.
The ACCC issued a Statement of Goals in October 2024 to outline its approach to implementing the new regime and to reduce uncertainty during the transition. The ACCC committed to consulting publicly on the draft merger assessment and merger process guidelines by Q1 2025.
The merger assessment guidelines were released for consultation on 20 March 2025. The ACCC also recently released transition guidance to assist businesses navigate the transitional period leading up to 1 January 2026.
