The deal, valued at $415 million, was originally probed by the ACCC in late April following the introduction of new merger laws at the start of 2026. The new rules require scrutiny and approval from the watchdog for any deal that meets certain thresholds, with the size of the ClearView deal clearing many of these, including the $250 million transaction value.
As part of the process, the ACCC issued a questionnaire to gauge whether there are any concerns about the deal.
Today, ClearView announced through the ASX that the ACCC determined the transaction may be put into effect, satisfying the requirements of the Competition and Consumer Act 2010 (Cth) (CAA).
“This determination was by the ACCC during ‘phase 1’ of its review of the transaction under the new mandatory merger control regime that commenced on 1 January 2026,” ClearView said.
“Following this determination, the ACCC Clearance Condition Precedent in clause 3.1(i) of the SID will be satisfied on expiry of the 14-day period after the ACCC’s determination was published, provided that no review application in respect of that determination is made in that period.”
In simpler terms, this means the deal has been approved, with that approval conditional for 14 days to allow for any potential challenges to made to the decision during that time.
Clearview also provided an updated on the scheme consideration that it announced alongside their acquisition by Zurich in February. The Scheme allows shareholders to receive 65 cents per ClearView share less any dividend paid prior to implementation.
“Implementation of the scheme remains subject to the satisfaction (or, if applicable, waiver) of certain other conditions precedent, including APRA Approval, ClearView shareholder approval (by the requisite majorities) at the scheme meeting, and Court approval of the scheme,” ClearView said.
“ClearView and Zurich are continuing to work towards the implementation of the scheme in accordance with the indicative timetable outlined in the transaction announcement, and ClearView will update ClearView shareholders in relation to the timetable for the implementation of the scheme as required.”
In the statement, ClearView directors unanimously urged shareholders to vote in favour of the Scheme, stating it is in their best interests to do so.
ClearView Wealth Limited said its largest shareholder group, Crescent Capital Partners, which controls 53 per cent of shares on issue, continues to intend to vote in favour of the proposed scheme arrangement with Zurich Financial Services Australia Limited, provided the ClearView board maintains its unanimous recommendation.
“We believe Zurich and ClearView are highly complementary brands in life insurance and that, if the Scheme is implemented, Zurich will be a great custodian to continue delivering ClearView’s ClearChoice product that protects what is most important to Australians,” ClearView chair Geoff Black said at the time of the Scheme’s announcement.
“While we remain confident in the long-term outlook for the business and ClearView’s opportunity to continue its success, the scheme enables ClearView shareholders to realise full liquidity and certain value for their ClearView shares.”
