On 31 October 2014, the Competition Commission of Singapore (the “CCS”) announced the conclusion of a merger assessment which brings together two main online recruitment service providers in Singapore. The merger relates to the proposed acquisition (the “Proposed Acquisition”) by SEEK Asia Investments Pte. Ltd. of 100% of the issued share capital in certain recruitment business assets of JobStreet Corporation Berhad, including JobStreet.com Pte. Ltd. (“JobStreet Singapore”), (collectively the “Parties”).
The CCS issued a clearance decision which is conditional on the implementation of, and compliance by, SEEK Ltd. and SEEK Asia Investments Pte. Ltd. (collectively, “SEEK”) of behavioural and divesture commitments offered by SEEK. For instance, SEEK commits not to enter into exclusive agreements with employer and recruiter customers with the aim of assuring the CCS that the current practice of multi-homing (the practice of using more than one online recruitment advertising platform) by employers and recruiters as well as jobseekers will remain. SEEK also commits to divest as a going concern the complete assets of jobs.com.sg including the domain name http://www.jobs.com.sg to alleviate potential competition concerns that may arise from SEEK’s ownership of the aggregator site, Jobs.com.sg.
As a matter of background, the CCS received a notification for decision on 20 February 2014 from the Parties with regard to the Proposed Acquisition. The CCS proceeded to a Phase 2 review of the Proposed Acquisition when it was not able to conclude that the Proposed Acquisition would not raise competition concerns at the end of the Phase 1 review.
The following materials are available from the CCS website www.ccs.gov.sg.