Heri Holdings has acquired Nova Academies Tatu City Property Limited following an approval by the Competition Authority of Kenya.
- The transaction, which qualifies as a merger, involves the acquisition of 100 per cent of the issued share capital and loans of Nova Academies by Heri Holdings.
- The proposed transaction only involves some assets of the school-buildings, land, and related infrastructure.
- The school shall continue to operate normally with no transfer of its programs, brand and related assets such as students, teachers and other employees.
“As per the parties’ submissions, this transaction will not elicit negative public interest concerns since the target has no employees and it is not actively trading or an operational entity,” noted Competition Authority of Kenya (CAK).
Nova Academies is a private limited liability company incorporated in Kenya. It leases the properties to Nova Pioneer Kenya Limited, a private school operator providing secondary education across Kenya through seven institutions. The schools are; Nova Pioneer Tatu City International, Nova Pioneer Athi River, Nova Pioneer Tatu City Primary, Nova Pioneer Tatu City Boys, Nova Pioneer Tatu City Girls, Nova Pioneer Eldoret Boys and Nova Pioneer Eldoret Girls.
Real estate and construction sectors grew by 5.2 per cent and 3.1 per cent, respectively, in Q1 2023, representing a 2.9 per cent and 2.4 per cent year-on-year growth, according to a report by Cytonn Investments. The report attributes this growth to increased property transaction volumes in the market coupled with the higher construction and expansion activities.
CAK Approves Acquisition of Nova Academies by SA-based Summit Real Estate Pty – Kenyan Wallstreet
