CCCS Clears Proposed Joint Venture Involving Hearing Aid Suppliers
The Competition and Consumer Commission of Singapore (“CCCS”) has issued a clearance decision on a joint notification by EQT Fund Management S.à.r.l. (“EQT”) and Widex Holding A/S (“Widex Holding”) (collectively, the “Parties”) in relation to the creation of a full function joint venture (the “Joint Venture”) which will combine the activities of Sivantos Pte. Ltd. (Singapore) (“Sivantos”) and Widex A/S (“Widex”) (being subsidiaries of EQT and Widex Holding, respectively) and their respective subsidiaries (the “Proposed Transaction”).
CCCS considered the competition in the market for the supply of traditional and body-worn hearing aids (including accessories and services that are intrinsically linked to the supply of hearing aids) in Singapore as the relevant market for the purpose of the competition assessment (the “Relevant Market”).
After evaluating the Parties’ submissions and third-party as well as public feedback and evidence, CCCS concluded that the Proposed Transaction, if carried into effect, will not lead to a substantial lessening of competition within the Relevant Market.