Notification | Active
Proposed Acquisition by SP Mobility Pte Ltd of Strides YTL Pte Ltd
2 January 2026
Reference: | CCS 400-140-2025-009 |
Notifying Party: | SP Mobility Pte. Ltd. and Strides YTL Pte. Ltd. |
Legal Representative(s): | Allen & Gledhill LLP |
Notifying Date: | 22 December 2025 |
Summary of Transaction: | a. the names of the merger parties; (b) SP Mobility Pte. Ltd. (“SPM”); and (c) Strides YTL Pte. Ltd. (“ChargEco”), (collectively, the “Parties”). a. a description of the transaction; The notification relates to the proposed acquisition by SPM of the entire issued and outstanding shares of ChargEco from Strides Holdings Ltd. (“Strides”) and YTL PowerSeraya Pte. Limited (“YTL”) (the “Proposed Transaction”). b. a description of the business activities of the merger parties worldwide and in Singapore; SPM SPM is a licensed charging point operator (“CPO”) which owns and operates an electric vehicle (“EV”) charging network across retail, commercial, industrial and residential locations in Singapore. SPM provides services relating to the installation, operation, and maintenance of EV charging points. To operate its EV charging network, SPM uses its own charging system management system (“CSMS”) to provide end-users with e-mobility services relating to the usage of its EV charging network. Save for roaming services in Malaysia, SPM only operates in Singapore. ChargEco ChargEco is a licensed CPO which owns and operates an EV charging network in Singapore, and provides services relating to the installation, operation, and maintenance of EV charging points. ChargEco only operates in Singapore. c. a description of the overlapping goods or services, including brand names; In Singapore, SPM and ChargEco overlap in the installation, operation, and maintenance of EV charging points (collectively referred to as “the supply of EV charging points”). d. a description of substitute goods or services from demand-side and supply-side considerations; In relation to the supply of EV charging points, similar services offered by the competitors of the Parties would be considered close substitutes from both a demand-side and supply-side perspective. In addition to other competitors, the Parties also face threat of substitution from upstream manufacturers of EV charging points, as well as landlords and large property owners from diverse industries who can choose to procure and set up their own EV charging points. e. the applicant’s views on: i. definition of the relevant market(s); The Parties consider that the relevant markets for the purposes of this notification are: (a) the supply of public EV charging points in Singapore (this would include publicly accessible charging points at HDB carparks and publicly accessible car parks at shopping malls, office buildings and other industrial and commercial properties); and (b) the supply of private EV charging points in Singapore (i.e. shared chargers that are primarily for use by a targeted group of users where access is restricted, and single-user chargers installed in private and/or restricted access locations). ii. the way in which competition functions in this market; In the markets for the supply of public and private EV charging points, CPOs primarily compete on the basis of price, quality, and network coverage. While CPOs may aim to differentiate themselves through branding and technology, the key considerations for customers are price, convenience, and networking accessibility. The right to install and operate EV charging points at sites are secured by way of tenders called by the Land Transport Authority (“LTA”) and its wholly-owned subsidiary, EV-Electric (EVE) Charging Pte Ltd (“EVE”), or competitive three-quotes processes called by landlords and management of private properties, who are all able to exert competitive pressures on CPOs. iii. barriers to entry and countervailing buyer power; and No prohibitive barriers to entry The Parties submit that there are no prohibitive barriers to entry in the markets for the supply of public and private EV charging points in Singapore. New entrants are able to enter the relevant markets so long as they can adhere to the legal and regulatory frameworks, and have the capital to invest into the supporting infrastructure. Further, potential entrants can source EV charging equipment from a wide range of established manufacturers globally on commercially standard terms. Strong countervailing power The Parties submit that customers of the Parties are generally individual consumers who often switch between EV charging networks offered by the Parties and competing CPOs. LTA, EVE, landlords and management of buildings are also highly sophisticated, and can switch between CPOs in awarding tenders. They are able to put pressure on the CPOs to obtain competitive terms such as price and quality, either through tenders or direct negotiations, in selecting the CPOs to install and operate EV charging points at their premises. iv. the competitive effects of the merger (non-coordinated, coordinated and/or vertical effects, as relevant). Coordinated effects The Proposed Transaction will not give rise to any coordinated effects for the supply of public and private EV charging points in Singapore in view of the following: (a) the presence of numerous existing and potential competitors; (b) the ease of switching by customers; and (c) no prohibitive barriers to entry. Non-coordinated effects The Proposed Transaction will not give rise to any non-coordinated effects for the supply of public and private EV charging points in Singapore, due to the following: (a) there are numerous existing and potential competitors in the markets for public and private EV charging points; (b) the bidding nature of the industry ensures competitive pressures on CPOs. Specific to the market for public EV charging points, LTA and EVE are able to ensure competitive discipline through the tenders and contracts which they run for government sites; and (c) customers and landlords face low costs of switching between suppliers of EV charging services. Vertical and conglomerate effects The Proposed Transaction would not give rise to any vertical effects, as there is no existing vertical relationship between SPM and ChargEco. The Parties submit that no competition concerns arising from conglomerate effects would arise from the Proposed Transaction. The Parties do not gain any capabilities for the supply of EV charging points from the Proposed Transaction which they do not respectively have prior to the Proposed Transaction. |
Consultation: | Interested parties are invited to submit their views on the Proposed Transaction. When submitting confidential information, interested parties should take note of the procedures outlined in CCS Guidelines on Merger Procedures.
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Supporting Documents | Interested third parties may request in writing to obtain more information on the Proposed Transaction. |