ACCC merger clearance: the new deal equation
Australia's merger landscape is being redrawn. A new mandatory merger clearance regime from the Australian Competition and Consumer Commission (ACCC) is changing how deals are brought to market, assessed and executed. Merger activity remains strong, but the frameworks shaping deal outcomes are still emerging. As the ACCC develops its approach to merger review, dealmakers are increasingly operating without the benefit of established precedent.
In this environment, confidence comes from understanding not only the rules, but how they are being applied. Anticipating change and interpreting signals early is becoming an advantage. The dealmakers best placed to succeed will be those who can navigate complexity while balancing execution risk, transaction objectives and evolving stakeholder expectations in a merger landscape still taking shape.
Confidence in an evolving landscape
Confidence comes from more than knowing the rules. It comes from clarity on how those rules are being applied, identifying emerging patterns and recognising what they may mean for future transactions.
For many dealmakers, ACCC clearance is now a critical first step in that equation, shaping deal timing, execution risk and transaction strategy.
Introducing the Australian Merger Clearance Navigator
Our new tool helps clients monitor ACCC developments across Australia’s merger clearance regime, providing greater visibility into the regulatory environment shaping deal outcomes.
Navigate Australia’s merger regime with real-time insights from Allens
Daily insights
Automatically updated each day, drawing on publicly available ACCC merger clearance data.
Reduce uncertainty
Understand likely timelines, approval rates and emerging trends before making critical transaction decisions.
Industry-specific intelligence
Explore trends across sectors and compare clearance outcomes by industry.
Built by Allens' merger specialists
Combines technology with Allens’ market-leading merger and competition expertise.
Our Australian merger clearance experience
Salesforce | Contentful
US$1.5 billion | Professional, Scientific and Technical Services
Obtained ACCC approval under Australia's new mandatory merger regime for Salesforce Inc's acquisition of Contentful Global Inc.
Kimberly-Clarke | Kenvue
US$48.7 billion | Manufacturing
Obtained ACCC clearance under Australia's new mandatory merger regime for Kimberly-Clark Corp's proposed acquisition of Kenvue Inc, including advising on the long-form notification, competition and remedy strategy, ACCC engagement, and a section 87B undertaking for the divestiture of Kenvue's Carefree and Stayfree feminine hygiene brands in Australia and New Zealand.
Blackstone funds and Perpetual Trustees | HSBC loan portfolio
AU$36 billion portfolio value | Financial Services
Obtained ACCC approval under Australia's new mandatory merger regime for funds managed by Blackstone and Perpetual Trustees' proposed acquisition of HSBC's A$36 billion Australian home loan portfolio, including advising on merger clearance strategy, notification requirements and ACCC engagement.
KPS | Novacel
Approximately €230 million | Industrials and Manufacturing
Obtained ACCC approval under Australia's new mandatory merger regime for KPS Special Situations Mid-Cap Fund II's acquisition of Novacel, including advising on the merger notification and ACCC review process.
GE Healthcare | Intelerad
US$2.3 billion | Healthcare and Life Sciences
Obtained unconditional ACCC clearance under Australia's new mandatory merger regime for Hg Capital's sale of Intelerad to GE HealthCare, including advising on the merger notification and ACCC review process.
Barings, Rest, Aware Super | Moorabbin Airport
AU$1.5 billion | Transport, Postal and Warehousing
Obtained ACCC approval under Australia's new mandatory merger regime for the acquisition of Moorabbin Airport Corporation Pty Ltd by Barings and institutional investors, including Aware Super and Rest Super, including advising on the merger notification and ACCC review process.
Open AI | Ona
Valued at over €100 million | Technology, Media and Telecommunications
Obtained ACCC approval under Australia's new mandatory merger regime for Wave Merger Sub Inc., OpenAI Group PBC and Wave Merger Sub II LLC's acquisition of Gitpod Inc (now Ona), including advising on the merger notification and ACCC review process.
Hg Capital | OneStream
Approximately US$6.4 billion | Technology and Enterprise Software
Obtained ACCC approval under Australia's new mandatory merger regime for Hg Pooled Management Ltd's acquisition of OneStream Software LLC, including advising on the merger notification and ACCC review process.
OpenAI | Tomoro
US$14 billion | Information Media and Telecommunications
