CAK: 2018 recorded highest number of mergers and acquisitions

Written By: O'Brien Kimani
749

COMPETITION AUTHORITY OF KENYA
KBC_Facebook-728x90

The highest number of mergers and acquisitions in the country were recorded last year.

A total of 148 cases were forwarded to the Competition Authority of Kenya for approval, with 146 of them receiving the authority’s nod.

These deals were worth record 66.1 billion shillings, highlighting the realignments taking shape in the Kenyan corporate scene.

Some of the mergers and acquisitions approved last year includes the acquisition of 100 percent of shares in oil marketer ENGEN International by VIVO Energy Holding in a deal reported to be around 20 billion shillings.

Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 22163

There was also the acquisition of 100% of the issued share capital of insurance company Saham by Sanlam Emerging Markets of Ireland.

Also Read  Treasury drafts revenue collection law for counties

Another eye-popping deal in the oil sector was the proposed buyout of local oil giant Kenol Kobil by another French oil conglomerate Rubis.

Also Read  CMA approves fourth credit rating agency

The deal is yet to be approved after the Capital Markets Authority raised the red flag over insider trading allegations involving some KenonKobil shareholders.

Also Read  Mars Wrigley Kenya factory receives global sustainability award

The Competition Authority of Kenya sanctioned several companies suspected of engaging in anti-competitive behaviors.

CAK issued financial penalties totaling 35 million shillings; for undertakings that violated the provisions of the Competition Act.

The biggest was the 15 million shillings imposed on betting firm Betway for implementing two transactions without prior approval by the authority.

KBC-You-tube-728x90-New-2

Tell Us What You Think