Update on Proposed Acquisition by London Stock Exchange Group plc of Refinitiv Holdings Limited

20 January 2021

(View Media Release in PDF)

The Competition and Consumer Commission of Singapore (“CCCS”) is reviewing the proposed acquisition by London Stock Exchange Group plc (“LSEG”) of sole control over Refinitiv Holdings Limited (“Refinitiv”) (collectively, the “Parties”) (the “Proposed Transaction”)^[1]. CCCS is aware of LSEG’s announcement of its intention to complete the Proposed Transaction by 29 January 2021. In the course of the review, the Parties have proposed commitments to address the competition concerns^[2] raised by CCCS. The Parties have also submitted undertakings that they will continue to cooperate and engage with CCCS to finalise these commitments in good faith, and to abide by the substance of the proposed commitments until CCCS concludes its review.

2. Under Singapore’s voluntary merger notification regime, merger parties are not required to notify their merger situations to CCCS, either before or after implementation of the merger.^[3] However, parties should apply to CCCS for a decision if they have concerns or are unsure as to whether their merger may result in a substantial lessening of competition (“SLC”). Merger parties who have made an application to CCCS may, at their own risk, proceed to complete their merger before CCCS issues a decision.^[4] Should CCCS find that the merger has resulted in a SLC, it is empowered to give directions to remedy the SLC. For example, CCCS can require the merger to be dissolved or modified and can impose financial penalties.^[5]

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About the Competition and Consumer Commission of Singapore

The Competition and Consumer Commission of Singapore (“CCCS”) is a statutory board of the Ministry of Trade and Industry. CCCS administers and enforces the Competition Act (Cap. 50B) which empowers CCCS to investigate and adjudicate anti-competitive activities, issue directions to stop and/or prevent anti-competitive activities and impose financial penalties. CCCS is also the administering agency of the Consumer Protection (Fair Trading) Act (Cap. 52A) or CPFTA which protects consumers against unfair trade practices in Singapore. Our mission is to make markets work well to create opportunities and choices for business and consumers in Singapore.

For more information, please visit www.cccs.gov.sg.

^[1] For more information on the Proposed Transaction, please refer to CCCS’s media release dated 8 April 2020 at www.cccs.gov.sg.

^[2] https://www.cccs.gov.sg/media-and-events/newsroom/announcements-and-media-releases/cccs-raises-competition-concerns-on-the-proposed-acquisition-by-london-stock-exchange-group-plc-of-refinitiv-holdings-limited/

^[3] Paragraph 2.3 of the CCCS Guidelines on Merger Procedures.

^[4] Paragraph 4.66 of the CCCS Guidelines on Merger Procedures.

^[5] Paragraph 2.4 of the CCCS Guidelines on Merger Procedures.