Singapore merger rule changes seen speeding up deal approvals

Phase 2 review timeline was shortened to 100 working days.

Singapore’s revised merger review rules are expected to speed up deal approvals and give companies certainty on competition concerns, lawyers said, as regulators shorten review timelines and reduce filing requirements for merger parties.

Chan Jia Hui, a partner for antitrust and competition at WongPartnership LLP, cited the lack of a fast-track route for straightforward deals, limited early guidance on likely outcomes, and the burden of preparing duplicate filing documents.

“Having clarity on the Competition and Consumer Commission’s position and concerns towards the end of the phase 1 process allows parties to decide on whether they wish to proceed to offer commitments,” he told Singapore Business Review in an emailed reply to questions.

The commission revised its merger procedure guidelines effective 1 May, marking the first update since February 2022.

The revised guidelines reduce the phase 1 review period for mergers unlikely to raise competition concerns to 25 from 30 working days. Phase 2 reviews for more complex transactions were shortened to 100 from 120 working days.

The regulator will also provide earlier indication on whether it is likely to clear a transaction and has reduced information requirements for merger notifications.

Before, the regulator could issue a Phase 1 letter of issues without saying whether a deal was unlikely to be approved, leaving parties unsure how serious the concerns were.

The revised rules now require the regulator to state upfront that it is “unlikely to clear the merger if these concerns remain unresolved” before advancing a transaction into Phase 2 review.

Corinne Chew, co-head of competition law and regulatory practice at Drew & Napier LLC, said the revisions should help companies complete transactions faster.

“Earlier clarity on likely outcomes is a significant and welcome change for the merger parties,” she said in emailed comments.

She added that more transparent exchanges between regulators and applicants could help parties address competition concerns earlier during complex Phase 2 reviews.

The rule changes come as mergers and acquisitions involving Singapore fell 9.1% to $90.1b in 2025 from a year earlier, according to a January report by London Stock Exchange Group Plc.

Chan said the revised guidelines reinforce Singapore’s position as an efficient merger review jurisdiction, although cross-border transactions would still face scrutiny from regulators in multiple markets.

$1 = US$0.78