As of 1 January 2026, Australia’s new merger notification regime has become mandatory. 

Under the new regime, any acquisition of a controlling interest in a corporation or assets of a person will need to be notified to the ACCC if it meets any of the monetary notification thresholds. An acquisition of a minority shareholding may also be notifiable if it results in the acquirer having the capacity, de jure or de facto, to control the target’s financial and operating policies. 

Parties are prohibited from putting a notifiable acquisition into effect prior to notifying it to, and having obtained the approval of, the ACCC.

This is a significant shift in how acquisitions are reviewed and approved in Australia. The new merger law seeks to strengthen the ACCC’s ability to screen the mergers and acquisitions sector for mergers that may substantially lessen competition in Australia, particularly in concentrated markets and sectors prone to serial acquisitions. 

The new regime significantly expands the scope of transactions requiring ACCC approval. It is also widely expected that many more global and multi-jurisdictional acquisitions will need to notify the ACCC even if they do not raise any competition issues in Australia.

The new regime is a gamechanger for dealmakers and companies seeking growth through external acquisitions, including, in particular, private equity and other investor pursuing add-on / bolt-on acquisition strategies. 

Helping you navigate the new regime

Dealmakers must now factor in notification thresholds, review timelines, and documentation requirements for acquisitions that affect the Australian market. 

There is also now an increased risk for merger parties to inadvertently “jump the gun” by implementing an acquisition prior to having obtained ACCC approval. Parties will need to make sure they don’t risk breaching the ‘gun jumping’ prohibition; getting competition advice early is key, particularly for transactions that may trigger the serial acquisitions threshold.

For organisations currently considering an acquisition or looking closely at medium to long term acquisition strategies, our competition team is on hand to help work through your transaction and the new regime’s notification requirements. 

Please get in touch if you’d like to discuss the new regime’s impact on any current merger proposals or your future growth strategy more broadly.