Following several delays, the Competition Commission of Singapore (CCS) has approved the proposed acquisition of JobStreet Singapore by Australian job board SEEK, reports The Straits Times. 

In May 2014, JobStreet’s shareholders gave their approval to sell the company’s entire online employment business in Malaysia, Singapore, the Philippines, Indonesia, and Vietnam to SEEK for MYR 1.73 billion (USD 516.6 million).

At the time, CCS advised that it would investigate the competitive impact of the acquisition in Singapore.

In August, SEEK committed to a three-year price freeze in order to appease the CCS, advising that it would not enter into exclusive agreements with customers in order to preserve competition in the market.

The acquisition was further delayed in October following revelations that SEEK failed to disclose all of its assets in Singapore. CCS expressed concerns that neither party disclosed SEEK’s ownership of another Singapore job board: Jobs.com.sg.

The CCS finally approved the merger after SEEK, among other things, agreed to divest Jobs.com.sg. SEEK committed to finding a buyer within six calendar months. If it fails to do so, SEEK also agreed to appoint one or more independent parties to sell the assets "at no minimum price to a purchaser".

In addition, SEEK also agreed to cap prices at current levels, allowing for inflation, to address concerns that the merger could result in prices of online recruitment advertising services in Singapore increasing.