ACCC Mergers 20 Weeks In Report
8 new, 17 approved, 1 rejected and 22 pending deals with ACCC up to 19 May
Merger Loop
May 20, 2026
This week’s MergerLoops 20 Weeks In report analyses all 242 ACCC merger filings to uncover what dealmakers and advisers should be watching closely. The data highlights an 18-day median approval timeframe, with regional roll-ups and service overlap emerging as the most common drivers of regulatory concern and rejection. Read the full report to understand how evolving ACCC merger review trends could impact transaction timing, risk, and deal strategy.
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❇️ New Deals
Primary Wave - Kobalt
Music Publishing
Primary Wave KB Holdings, LP is acquiring substantially all interest units of Kobalt Music Group Topco L.P. from Francisco Partners Management, L.P. This transaction involves a US-based music acquisition, publishing, and estate management company acquiring a digital royalty collection and music publishing administration company, consolidating music rights and intellectual property management.
Eli Lilly - Kelonia Therapeutics
Human Pharmaceutical and Medicinal Product Manufacturing | Scientific Research Services
US pharmaceutical company Eli Lilly proposes to acquire 100% of the shares in US clinical-stage biotechnology company Kelonia Therapeutics. Eli Lilly develops human pharmaceutical products, while Kelonia Therapeutics specialises in genetic medicines and oncology-focused CAR-T therapies, including a lead asset for multiple myeloma.
Restaurant Brands and Yum! Brands – Taco Bell restaurants
Takeaway Food Services
Restaurant Brands New Zealand and Yum! Brands are forming a joint venture (Restaurant Brands 60% control, Yum's Gardiner Lane Capital 40%) to acquire 29 Taco Bell restaurants. These assets are from Restaurant Brands' QSR Pty Ltd (9) and Collins Foods' subsidiary (20), operating in the takeaway food services sector.
Mastercard - BVNK
Other Auxiliary Finance and Investment Services
Mastercard Incorporated International, via Ares UK Holdco 2 Limited, proposes to acquire BVNK Holdings Limited and B Corporation S.A.M from its current shareholders. Mastercard operates in global payments, providing card schemes and switching services. BVNK supplies stablecoin infrastructure, enabling management of stablecoins and fiat currency across payment rails and blockchains.
Volt Managed Investment Trusts – HMC Energy Transition Platform
Other Electricity Generation | Financial Asset Investing | Other Auxiliary Finance and Investment Services
KKR-advised Volt Managed Investment Trusts will invest A$355 million into HMC Capital Limited’s Energy Transition Platform. This involves acquiring loan notes and share warrants in Volt HoldCo, which will convert to a minority equity interest. The transaction concerns electricity generation and storage assets, impacting the electricity generation supply chain.
PT Asian Bulk Logistics – Engage Marine
Other Mining Support Services | Other Water Transport Support Services
PT Asian Bulk Logistics, through its Australian subsidiary Global Engage Marine Pty Ltd, proposes to acquire Engage Marine TopCo Pty Ltd. This acquisition combines ABL's bulk cargo transhipment, rail freight, and container supply operations with Engage Marine's terminal and harbour towage services across Australia, enhancing integrated logistics for bulk commodities.
Zoetis – Neogen Genomics Business
Other Agriculture and Fishing Support Services | Veterinary Pharmaceutical and Medicinal Product Manufacturing
Zoetis Holdings LLC proposes to acquire Neogen Corporation's global animal genomic testing business. Both companies provide animal genomic testing services for livestock, including in Australia, with Neogen Genomics operating a Brisbane laboratory. The transaction is a share acquisition of Neogen group companies and certain non-Australian assets.
AtkinsRéalis - WGA
Engineering Design and Engineering Consulting Services
AtkinsRéalis Group Inc., a Canadian engineering and construction company, proposes to acquire 100% of the shares in Australian multi-disciplinary engineering and project management consultancy, WGA Group Holdings Pty Ltd, via a scheme of arrangement. Both firms provide engineering, design, advisory and delivery services.
Still trying to wrap your head around the ACCC’s new merger laws?
We’ve got an overview of the new regime here and guides from leading law firms explaining it all.
✅ Recently Approved
National Dental Care – business assets comprising the Cambridge Dental Centre clinic, Perth, WA
Dental Services
National Dental Care, a dental services organisation, acquired the business assets of Cambridge Dental Centre from Camdent Services Unit Trust. This asset sale expands National Dental Care's network of general dentistry clinics in Perth, WA, where it already operates 26 clinics.
AXDI - minority interest in La Trobe Financial
Financial Asset Investing
Axight Capital Limited, via AXDI SPV 5 Ltd, is acquiring a minority interest in AMC AusCo 1 Ltd, the holding company of La Trobe Financial, from Brookfield. La Trobe Financial is an Australian alternative asset manager with over A$22 billion in assets under management. This share sale is in the financial asset investing sector.
Hillhouse - Barwon Investment Partners
Other Auxiliary Finance and Investment Services
Global alternative investment manager Hillhouse Investment Management acquired a majority interest in Australian alternatives fund manager Barwon Investment Partners. This transaction in investment management services sees Barwon continue its focus on healthcare property, real estate credit, and private equity for institutional and wholesale clients.
Genea - Embrace Fertility
Financial Asset Investing | Specialist Medical Services
Genea Holdco SA Pty Limited acquired 100% of the shares in Embrace Fertility Pty Ltd, an independent gynaecology and IVF and fertility business in Adelaide, South Australia. The transaction sees Embrace Fertility's owner gain a minority equity interest in Genea, which also operates Fertility SA.
WIN Television Network - NBN Enterprises & Television Holdings Darwin
Free-to-Air Television Broadcasting
WIN Television Network Pty Ltd acquired 100% of the shares in NBN Enterprises Pty Limited and Television Holdings Darwin Pty Limited from Nine Network Australia Holdings Pty Ltd and Nine Network Australia Pty Limited. This share acquisition in the free-to-air television broadcasting industry expands the acquirer's regional footprint, adding Northern NSW, Gold Coast, and Darwin operations.
Gilead - Ouro
Human Pharmaceutical and Medicinal Product Manufacturing | Scientific Research Services
Gilead Sciences, Inc. proposes to acquire all outstanding shares of Ouro Medicines, LLC. This share acquisition involves two US-based biopharmaceutical companies focused on developing T cell therapies for autoimmune diseases. Gilead has an Australian subsidiary, and Ouro is conducting clinical trials in Australia.
Global Infrastructure Management – TCR
Financial Asset Investing | Automotive Body, Paint and Interior Repair
Global Infrastructure Management, via Snow Bidco Limited, proposes to acquire 100% of the issued share capital of Envol Holdings Limited and its subsidiaries, including TCR Group. TCR Group provides full-service leasing and maintenance of ground support equipment at airports globally, with operations in Australia. Global Infrastructure Management invests in infrastructure sectors.
EPL - Indovida India
Polymer Film and Sheet Packaging Material Manufacturing | Rigid and Semi-Rigid Polymer Product Manufacturing
EPL Limited, a packaging products manufacturer, is merging with plastic packaging supplier Indovida India Private Limited. The share-based transaction involves EPL issuing shares. Post-merger, Indorama Netherland B.V. and Blackstone Inc. will acquire indirect joint control over EPL, with Indorama Netherland B.V.'s interest increasing to approximately 52%.
Quadrant Private Equity - Stanley International College
Financial Asset Investing | Technical and Vocational Education and Training | Higher Education | Educational Support Services
Quadrant Private Equity, via Swan Topco Pty Ltd and Swan Bidco Pty Ltd, is acquiring 100% of the issued share capital in Stanley International College Pty Ltd. This transaction sees the private equity firm enter the higher education and vocational training sector through the independent college.
Nuveen – Schroders
Financial Asset Investing
Nuveen, with AUD 2.17 trillion AUM, is acquiring UK-based global investment manager Schroders (AUD 1.68 trillion AUM) via Pantheon. This share acquisition, in the financial asset investing sector, is structured as a court-sanctioned scheme of arrangement.
TMX - Cboe Australia
Other Auxiliary Finance and Investment Services
TMX Markets Australia, a subsidiary of TMX Group, proposes to acquire 100% of the shares in Middlebury Holdings Pty Limited. This share purchase involves Cboe Australia, an ASIC-regulated securities market operator and alternative exchange in Australia, which facilitates trading and lists new companies.
Constellation Software - DerbySoft Holdings
Software Publishing | Financial Asset Investing
Constellation Software Inc., through Sail Parent Holdco Ltd, acquired a 90% majority shareholding in DerbySoft Holdings Limited. DerbySoft provides business-to-business travel technology software and connectivity platform services. Constellation Software specialises in acquiring and managing global industry-specific software businesses, including in travel and hospitality.
FC Group Holdings Corporation & ors - Fluent Retail
Furniture Retailing | Houseware Retailing | Clothing Retailing | Footwear Retailing
Fluent Retail, a retail technology and enterprise software provider, is undertaking an internal reorganisation and US redomicile. This involves a multi-stage share transfer of Fluent Retail to FC Group Holdings, then to Fluent Commerce MidCo, and finally to Fluent Commerce Holdings, Inc. The transaction maintains the group's overall ownership structure.
Zurich - ClearView
Life Insurance | General Insurance
Zurich Financial Services Australia Limited will acquire all issued shares in ASX-listed ClearView Wealth Limited. Both companies operate in the Australian life insurance market, manufacturing and supplying a range of life insurance products to customers primarily via the retail adviser channel.
Accenture - Ziff Davis' connectivity business
Computer System Design and Related Services
Global professional services company Accenture Inc. acquired Ziff Davis, Inc.'s connectivity business, comprising various entities and assets. This transaction in the computer system design and related services sector involves Ziff Davis' network connectivity data and assessment services, including brands like Ookla and Speedtest.
CleanPeak Energy Holdings - Sustainable Energy Infrastructure
Other Electricity Generation | Fuel Retailing
CleanPeak Energy Holdings, backed by KKR, is acquiring 100% of the shares and units in Sustainable Energy Infrastructure Holdings from CareSuper and Australian Retirement Trust. The deal combines two renewable energy infrastructure developers and operators, with assets including solar farms, battery storage, and compressed natural gas facilities across Australia.
26North Funds - Intermedia Cloud Communications
Other Electrical and Electronic Goods Wholesaling | Software Publishing | Motion Picture and Video Production | Post-production Services and Other Motion Picture and Video Activities | Cable and Other Subscription Broadcasting | Other Telecommunications Network Operation | Data Processing and Web Hosting Services | Computer System Design and Related Services
26North Funds, managed by 26North Partners LP, will acquire 100% of Intermedia Cloud Communications, Inc. and its subsidiaries, including an Australian entity. This share acquisition, via Unite Holdco LLC, involves a global provider of cloud-based communications and collaboration software services primarily to small and medium-sized businesses.
❌ Recently Rejected
MAG South Coast - Country Motor Company / Kinghorn Motors
Car Retailing | Motor Vehicle Parts Retailing | Other Automotive Repair and Maintenance
McCarroll’s of Moss Vale Pty Ltd, through MAG South Coast Pty Ltd, proposes to acquire substantially all assets of Country Motor Company Pty Ltd and Kinghorn Motors Pty Ltd, including associated land. This asset acquisition targets two Nowra-based motor vehicle dealership businesses, expanding McCarroll's new and used car retail, parts, servicing, and finance operations.
🔁 Pending Deals
Notification — Phase 1 (initial assessment)
Quanta - PSD: submitted 12 May 2026; expected 25 Jun 2026; MN-70012 ↗
Tony White Group - Sharton Motors dealerships in Maitland, Port Stephens and Cardiff: submitted 12 May 2026; expected 25 Jun 2026; MN-05017 ↗
Seismic – Highspot: submitted 12 May 2026; expected 25 Jun 2026; MN-75014 ↗
OpenAI - Tomoro: submitted 12 May 2026; expected 25 Jun 2026; MN-25021 ↗
Novartis / Excellergy: submitted 12 May 2026; expected 25 Jun 2026; MN-40019 ↗
Rubik Australia Pty Limited - Qube Holdings Limited: submitted 6 May 2026; expected 19 Jun 2026; MN-10007 ↗
3M and funds managed and/or advised by Bain Capital - Madison Fire & Rescue: submitted 6 May 2026; expected 19 Jun 2026; MN-15015 ↗
Medtronic - Scientia: submitted 5 May 2026; expected 18 Jun 2026; MN-80010 ↗
News – acquisition of 20% of National Distribution Services: submitted 4 May 2026; expected 17 Jun 2026; MN-35014 ↗
WPF DURATEC PTY LTD / Davhold Australia Pty Ltd: submitted 4 May 2026; expected 17 Jun 2026; MN-75018 ↗
Paramount Skydance / Warner Bros. Discovery: submitted 29 April 2026; expected 12 Jun 2026; MN-45006 ↗
Fulton Hogan – Avionics: submitted 28 April 2026; expected 11 Jun 2026; MN-75016 ↗
Barro Group / BQC Quarries and Burdekin Concrete: submitted 28 April 2026; expected 11 Jun 2026; MN-60011 ↗
Saipem S.p.A / Subsea7 S.A.: submitted 27 April 2026; expected 10 Jun 2026; MN-01072 ↗
Australian Meat Group Pty Ltd - Killara Feedlot Pty Ltd: submitted 24 April 2026; expected 10 Jun 2026; MN-20012 ↗
MassMutual, Rest, Aware Super and Goodman – Moorabbin Airport: submitted 21 April 2026; expected 4 Jun 2026; MN-10012 ↗
Trescal – TR Calibration: submitted 14 April 2026; expected 10 Jun 2026; MN-90009 ↗
Peter Warren - Wakeling Automotive: submitted 5 March 2026; expected 2 Jun 2026; MN-30002 ↗
Notification — Phase 2 (detailed assessment)
Insurance Australia Group – RAC Insurance: submitted 3 March 2026; expected 26 Aug 2026; MN-65005 ↗
MicroStar Logistics - Konvoy: submitted 20 February 2026; expected 17 Aug 2026; MN-30003 ↗
Coles – supermarket and liquor site in Kalgoorlie, WA: submitted 27 November 2025; expected 22 Jun 2026; MN-01068 ↗
Ampol – EG Australia: submitted 10 October 2025; expected 5 Jun 2026; MN-01019 ↗