ACCC Business Acquisition Notifications: What the 2026 Merger Regime Means for Australian Dealmakers

From 1 January 2026, the Australian Competition and Consumer Commission (ACCC) mandatory merger regime has come into effect. Under the regime, businesses must notify and obtain approval from the ACCC in order to complete business acquisitions that meet prescribed thresholds. Mergers will be permitted unless the ACCC determines it to have the effect or likely effect of substantially lessening competition within a market. The regime covers a wide range of acquisitions, including shares in companies, units in unit trusts, interests in managed investment schemes, and other assets.

What this means for you

Businesses and business owners must proactively determine whether a proposed acquisition requires ACCC approval. Acquisitions that meet certain thresholds cannot be completed until ACCC clearance is given and failure to notify the ACCC of a relevant acquisition can result in the transaction being deemed void and incur significant penalties. When considering entering into transactions, it is important for parties to consider:

-         the revenue of the acquiring and target parties;

-         the transaction value of the acquisitions;

-         making multiple acquisitions in similar industries; and

-         whether acquisitions involve all the assets of the target business.  

What acquisitions require notification?

The regime targets acquisitions by very large corporate groups and acquisitions resulting in large corporate groups. Whether or not notification is required depends at a high level on whether the revenue of the parties and the value of the transaction meet one of the following monetary thresholds when acquiring shares or substantially all of the assets of a business (as at February 2026):  

Acquisitions resulting in Large corporate groups

An acquisition must be notified if:

1.      the combined Australian revenue of the merger parties is at least $200 million; and

2.      either the target’s Australian revenue is at least $50 million or the global transaction value is at least $250 million.

Acquisitions by Very Large corporate groups

An acquisition must be notified if:

1.      the acquirer group’s Australian revenue is at least $500 million; and

2.      the target’s Australian revenue is at least $10 million.

There are different thresholds for acquisitions that do not comprise all or substantially al of the assets of the business.

Serial Acquirer Test

Those considering purchasing multiple smaller targets within an industry may also be required to notify the ACCC under the new merger reforms. An acquirer is a ‘serial acquirer’ if they make multiple acquisitions of similar assets over a three-year period that meet the below cumulative threshold (as at February 2026).

Serial Acquirer Thresholds

Large merged firms must report acquisitions where:

1.      the combined Australian revenue is at least $200 million, and

2.      the cumulative revenue from acquisitions in the past three years that predominantly involves the same or substitutable goods or services is $50 million or more.

Where a very large acquirer is involved, a lower cumulative threshold applies. Very large acquirers must report if:

1.      the acquirer group’s Australian revenue is at least $500 million, and

2.      the cumulative revenue from acquisitions in the past three years that predominantly involves the same or substitutable goods or services is $10 million or more.

Exemptions (Waiver Notification Process)

Certain acquisitions are exempt from notification under the new regime, including when the acquirer does not obtain control of the target entity or already had control before the relevant acquisition (with the definition of ‘control’ having a specific meaning under the regime), where the transaction relates to certain types of land acquisitions (including those in the ordinary course of business or those in relation to residential property development), and acquisitions relating to certain financial markets (including debt instruments and fundraising).

How to notify an acquisition

Acquirers can notify the ACCC through the online Acquisitions Portal using either the short or long notification form. The short form will be appropriate for most straightforward acquisitions that are not likely to result in competition issues. For more complex acquisitions with the potential to impact competition, the long form allows the acquirer to outline more details about the acquisition. The fee for notifying an acquisition is $56,800 and a decision is generally made within 15 to 30 days of notification.  If the ACCC does not make a decision within the applicable statutory timeframe, the legislation provides for deemed outcomes in certain circumstances. If an in-depth assessment is required, the acquirer will be charged an additional fee ranging from $475,000 to $1,595,000(depending on the value of the transaction) and the ACCC will have a 90-day period (subject to extension) to make their decision.

The ACCC has also implemented a waiver notification process which is suitable for straightforward transactions that do not present a material risk of harm to competitors and consumers. These transactions are generally by parties with minimal market share and concentration. An acquirer can lodge a notification waiver form through the Acquisitions Portal along with the $8,300 fee, and if granted, it removes the need to notify the acquisition to the ACCC. If a notification waiver is not granted, the acquirer must follow the ordinary notification process.  

Summary

Businesses and business owners considering any sales or acquisitions within Australia need to consider whether a single transaction, or multiple smaller transactions, meet any one of the relevant thresholds and therefore require notification to the ACCC. If a transaction does meet the threshold, it is vital to determine whether it is eligible for a notification waiver, and if not, what the suitable form of notification is.

Early advice helps ensure your acquisition is compliant with the new merger regime and can save on costly notification fees and penalties for non-compliance. The corporate team at Groom Kennedy can assist with ensuring your mergers and acquisitions are compliant with the ACCC’s new regime and/or drafting transactional documents which allows for the process to be completed.

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This article includes general information only and is not specific to your situation. If you require assistance in relation to anything contained within this article, please contact us.

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Frequently Asked Questions

Does every business acquisition need ACCC approval?
No. Only acquisitions that meet the notification thresholds (or other targeted requirements) and are not exempt need to be notified and cleared (or covered by a notification waiver) before completion.

What is a notification waiver?
A notification waiver is an application process that may be suitable for straightforward acquisitions that do not present a material competition risk. If granted, it removes the need to notify the acquisition and the cost is significantly lower.

How long does ACCC review take?
Timing depends on the pathway and whether further assessment is required. Phase1 has a statutory timeframe of up to 30 business days; more complex matters can proceed to a Phase 2 review (up to 90 business days, subject to extensions).Waiver decisions must be made within 25 business days.