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ACCC merger register

When a merger touches your market, act with insight

The operating layer between the merger register and the evidence of interest to the regulator

Mandamap monitors the Acquisitions Register, maps each matter against historic ACCC decisions and market commentary, and helps deal teams, advisers and affected businesses or people to prepare evidence-backed submissions.

Case study · MA1000024-1 · library snapshot

Pre-2026 regime · merger authorisation

Brookfield LP and MidOcean proposed acquisition of Origin Energy Limited

Granted With ConditionsApplied 2023-06-05 · Decided 2023-10-10full ACCC summary ↗

On 5 June 2023, Brookfield LP and MidOcean Reef Bidco applied under section 88(1) of the Competition and Consumer Act 2010 for authorisation of MidOcean's acquisition of 100% of the shares in Origin Energy, with the Origin Energy Markets business to be on-sold to Brookfield. After two transparency letters, two extensions and three rounds of draft ring-fencing undertakings, the ACCC decided on 10 October 2023 that it could not be satisfied the acquisition would not substantially lessen competition, but authorised it on the net public benefit test — conditional on section 87B undertakings from Brookfield, AusNet and MidOcean Energy.

How the claims fared · 7 profiled claims

  • Partially Accepted 2
  • Remedied By Undertaking 1
Stated evidentiary gap ×4no ACCC treatment recorded
Non-binding commitments ×2
Behavioural undertaking sufficiency ×1

Theories vs the ACCC’s assessment — of the claims the ACCC weighed, the share it came out with rather than against

  • Public benefit claim ×2100% with · 2/2
  • Coordinated effects ×1100% with · 1/1

Who is on the record · 148 documents

  • Applicant 95
  • Regulator 22
  • Competitor 9
  • Consultant 8
  • Other 4
  • Individual 4
  • Target 2
  • Customer 2
  • Academic 1
  • Industry Body 1

The applicants account for 95 of 148 documents on the register. Understanding the sentiment of interested parties in relation to previous clearance decisions might inform how notifications and submissions are developed.

Argument ↔ assessment

AmpolCustomermove: Non-binding commitmentstheory: Public benefit claimSeeks Conditions

Support is conditional: the claimed green build-out public benefits should be secured by an enforceable undertaking containing a firm commitment to build approximately 14 GW of new renewable generation and storage by 2033.

“Provided the enforceable undertaking given by the parties in relation to the Proposed Acquisition contains a firm commitment to building approx. 14GW of new (ie projects which have not yet reached FID) renewable generation and storage assets by 2033, Ampol is supportive of the Proposed Acquisition.”— Ampol, pp 1–2
ACCC: Partially Accepted

“The Brookfield Undertaking also requires Brookfield to publish annual reports on the progress of Origin in meeting the objectives of the proposed renewables build-out”

The final Brookfield Undertaking secures transparency (annual public reporting on build-out progress) rather than the enforceable ~14 GW construction commitment Ampol sought.

Applicants (Brookfield / MidOcean)Applicantmove: Non-binding commitmentstheory: Public benefit claimSupports Clearance

No undertaking is necessary to secure the green build-out because Brookfield's closed-end fund economics, dual financial and environmental objectives, reputational stake and co-investor mandates give a very high degree of confidence it will proceed.

“Given these incentives, no undertaking is necessary in order for there to be a high degree of confidence that the green build-out will proceed: see paragraphs 859 – 873 of the Application.”— Applicants’ response to interested parties’ submissions, ¶¶4.1–4.3
ACCC: Partially Accepted

“The Applicants submit that Brookfield has financial and reputational interests to complete the renewables build-out of Origin, such that an undertaking of the kind proposed by Ampol is not necessary to ensure a high degree of confidence that the build-out will proceed.”

The ACCC recorded the own-incentives claim but still required s87B undertakings, including annual public reporting on the build-out — incentives alone were not treated as sufficient.

Shell QGCCompetitormove: Behavioural undertaking sufficiencytheory: Coordinated effectsSeeks Conditions

MidOcean's simultaneous interests in APLNG and QCLNG — a first across the three east-coast CSG-LNG ventures — would give it detailed knowledge of both projects and visibility over sensitive price and volume information; robust ring-fencing protocols should be required.

“QGC is concerned that: (i) MidOcean will have detailed knowledge of two of the three major LNG projects on the east coast … and (ii) MidOcean will be put in a position of needing to appropriately manage competitively sensitive information relating to QCLNG Project and the APLNG Project.”— Shell QGC’s submission in response to ACCC transparency letter, ¶¶8(h)–(i)
ACCC: Remedied By Undertaking

“The MidOcean Undertaking contains a commitment by MidOcean Energy Holdings Pty Ltd to waive its rights to receive certain sensitive information relating to QCLNG. … The ACCC considers that this undertaking will reduce the ability of MidOcean Group to facilitate coordinated conduct between APLNG and QCLNG”

Reasons ¶4.46 record that the First Proposed MidOcean Undertaking “broadly addresses Shell QGC's concerns”.

What the ACCC said was missing — in its own words

  • “The ACCC received no submissions expressing concerns regarding the co-ownership between AusNet’s gas distribution network and Origin Integrated Gas’ retailing business.”

    Reasons for Determination, ¶6.346

  • “The ACCC has received limited information from interested parties regarding Eraring’s possible closure date.”

    Reasons for Determination, ¶7.161

  • “The ACCC has received limited information from interested parties regarding the impact the Proposed Acquisition will have on retail electricity prices.”

    Reasons for Determination, ¶7.233

  • “while the ACCC considers that the Applicants have demonstrated an opportunity for the incorporation of new renewables technologies in Australia, including green hydrogen, there is insufficient evidence before the ACCC to conclude that: the development and delivery of new renewable technologies…”

    Reasons for Determination, ¶7.249

Each of these is a point on which the regulator received limited market input.

Explore the context on the public record.

Register interest
How it works

annotated register feed · case studies · evidence room support

Screen the market · develop the framework
Register snapshot

  • Submissions close 17 July 2026

    Notification · MN-65023 · notified 10 July 2026

    Energy Bay – embedded network assets (Centuria)

    Energy Bay proposes to acquire embedded electricity network assets serving Centuria Capital Group properties.

    2619 Other Electricity Generation

  • Submissions close 16 July 2026

    Notification · MN-64891 · notified 9 July 2026

    Coles - Paydock

    Paydock provides a payment orchestration platform to merchants (including Coles) and financial institutions, which integrates multiple online payment methods and payment service providers.

    Payment services

  • Submissions close 16 July 2026

    Notification · MN-64876 · notified 8 July 2026

    Motorola Solutions - D-Fend Solutions

    D-Fend Solutions develops counter-drone technology that detects and takes over unauthorised drones.

    Counter-drone technology

Analyse the regulatory trends in the market surrounding these developments and prepare to engage. Updated overnight.

95
notifications on the register in Q2 2026
154
waiver applications in Q2 2026
20
business days — average decision window for notifications decided in Q2 2026
8
waiver applications refused in Q2 2026 — the ACCC required full notification

The market feedback

The register is public. The window is short. The playbook is data-backed.

01

Every notification and waiver application goes on the ACCC's public register. Where the ACCC seeks consultation with interested parties, the window for comment is tight.

02

While market participants monitor the register, routine compliance is complemented with strategic insight to support decision-making.

03

Understanding the data behind each notification helps to see the factors that might be raised in support of or opposition to a proposed transaction.

context and methods

Understand the transaction, identify the relevant factors, and present your interests to the regulator.

01

Map the matter

Identify the transaction, the timetable, the parties’ stated rationale and the competition and public benefit considerations which may be of interest to the ACCC.

02

Map the market

Understand the reasons the regulator has provided in assessing market activity and the scope of issues that gave rise to comment in comparable transactions.

03

Make the case

Use the record to develop a stronger notification or submission by identifying the evidence, arguments and supporting material that addresses relevant interests and anticipate the potential counterpoints.

Mandamap Rooms

The applicant may have a deal team. The regulator has a deadline. The market has a window.

When an ACCC merger matter touches your sector, a structured evidence room can be opened so affected businesses, suppliers, franchisees and customers can organise factual material before the comment window closes. When a matter appears, you may have days to comment.

Refining comments in the context of the historical record, and with your advisors can help you to develop a robust submission, quickly.

  1. Alert
  2. Evidence requests
  3. Tagged notes
  4. Adviser review
  5. Export pack

Your evidence may help the ACCC to identify a benefit or design a remedy that would address a market concern.

structured evidence room

  • What are the potential commercial, environmental or social benefits or detrimental effects?
  • What are the alternatives?
  • How do you engage with the acquirer, target, or other parties with financial or operational interests in the transaction?
  • How do you see the market evolving?
  • Are there externalities that might affect the outcome?
  • Are there contract terms, exclusivity clauses, rebates, data systems or supply dependencies?
  • Are there exceptional circumstances?
  • Is there a remedy that would address a concern?
  • What evidence do you have to support your position?

These tools include prompts that are tailored to the questions posed by the ACCC and may help you to consider key factors and develop a response.