Kenya registered the highest number of cross-border merger and acquisition deals within the Common Market for Eastern and Southern Africa (Comesa) in 2025, reflecting a push by local firms seeking acquisitions to enhance competitiveness and boost revenues through consolidation.
Disclosures by the Comesa competition watchdog show Nairobi reported the highest number of corporate merger deals in the 21-member bloc in 2025, ousting Zambia, which held the top spot in 2024.
“The countries most affected by the cases (mergers) assessed in 2025 were Kenya, Mauritius, Zambia, Egypt, Uganda, the DRC and Madagascar, with the least number of cases affecting Eritrea and Comoros,” the Comesa Competition and Consumer Commission (CCCC) said.
“In 2024, Zambia had the highest number of cases, followed by Kenya, Uganda, the DRC and Mauritius, with the least number of cases affecting Eritrea and Comoros.”
The CCCC disclosed that the top 10 destinations for mergers and acquisitions in the region included Kenya, which reported about 42 merger cases in 2025, followed by Mauritius (36), Zambia (35), Egypt (34), Uganda (32), the DRC (30), Madagascar (29), Zimbabwe (28), Rwanda (27) and Ethiopia (27).
In 2024, Zambia topped the list with 42 merger cases, followed by Kenya (41), Uganda (37), the DRC (36), Mauritius (33), Madagascar (29), Egypt (28), Rwanda (26), Zimbabwe (25), Ethiopia (25) and Malawi (25).
In 2025, the number of mergers and acquisitions in Comesa, however, declined slightly to 48 from 49 in 2024.
“The CCCC recognises that mergers are business decisions, and it is important not to frustrate businesses as this would affect investor appetite for the Common Market,” the commission said in its latest annual report for 2025.
A section of the East African Portland Cement Company plant in Athi River on January 25, 2023.
Photo credit: Stanley Ngotho / Nation Media Group
Kenya’s merger and acquisition landscape in 2025 was marked by high-value strategic cross-border transactions, particularly in banking, manufacturing and telecommunications, driven by stricter capital requirements and regional consolidation.
For instance, Nigerian lender Access Bank Plc completed the 100 per cent acquisition of the National Bank of Kenya (NBK) from KCB for an estimated Sh13.2 billion.
Tanzanian conglomerate Amsons Group completed the buyout of a 29.2 per cent stake in East African Portland Cement (EAPC), valued at Sh718.66 million, from Swiss multinational Holcim, strengthening its foothold in Kenya’s cement market.
The acquisition, executed through Amsons’ subsidiary, Kalahari Cement Ltd, was completed on November 4, 2025.
Under the agreement, Kalahari Cement acquired a 14.6 per cent stake in EAPC from Associated International Cement Ltd (AIC) and another 14.6 per cent stake from Cementia Holding AG, both at a price of Sh27.30 per share.
The two investment vehicles that held a combined stake of 29.2 per cent in EAPC are owned by Holcim.
The deal came just a year after Amsons completed the acquisition of Bamburi Cement in December 2024 for Sh23.6 billion, cementing its hold on Kenya’s cement market.
With Bamburi already owning 12.5 per cent of EAPC, Amsons emerged as the single largest shareholder in EAPC with a 41.75 per cent stake.
