The first two acquisitions filed under the ACCC’s new mandatory merger regime have been listed on the ACCC’s Acquisitions Register:
Kongsberg Defence proposing to enter into a lease arrangement on land which will be used to establish a missile manufacturing and maintenance facility.
Asahi Holdings proposing to enter into an agreement for lease to develop a warehouse and distribution centre.
Neither transaction would have been notified under the existing merger regime. This is because they have no anticompetitive effect and are likely to have been considered acquisitions in the ordinary course of business, as currently defined, exempt from the application of the merger prohibition. These notifications are indicative of the broader range of acquisitions that are now captured under the new regime. Transactions must be notified if they meet the relevant monetary thresholds regardless of the impact of the transaction on competition. In addition, there is a broader definition of ‘assets’ which covers the acquisition of any legal or equitable interest, including interests in land such as options and agreements to lease. Further, the new regime generally applies to acquisitions of land or an interest in land that meet the notification thresholds even if such acquisitions occur in the ordinary course of business.
Now that these transactions have been notified and the parties have paid the filing fee, the ACCC has 30 business days to conclude its phase 1 assessment. If the timeline is not extended, the matter will be approved or escalated to phase 2.
The information disclosed on the Acquisitions Register for both matters is high level. It does not disclose the potential markets or potential competition concerns. The ACCC has published a brief questionnaire asking for interested parties to raise any concerns they may have about the acquisition. The Register will eventually be populated with more information, including the ACCC’s determinations and reasons.
Accompanying these notifications, the ACCC has provided broader insight into its approach to notifications of acquisitions of land in an updated set of ‘Merger Reform: Frequently Asked Questions’ (15 August 2025). In this update, the ACCC states:
Businesses are encouraged to engage with the ACCC before lodging a notification for acquisitions of leases and interests in land that meet the notification thresholds during this transition period.
In preparing the notification form, the ACCC expects parties to provide information in respect of downstream markets related to the intended use of the site.
Gilbert + Tobin is advising Asahi in respect of its lease notification.
We are happy to discuss any questions you may have about the new regime and notification requirements.