Audit firm, Livingstone Associates, an affiliate of Deloitte Kenya has been acquired by Mauritian fund manager Axis following the approval by the Competition Authority of Kenya.
In a gazette notice, CAK Director-General Wang’ombe Kariuki noted that the acquisition would not harm competition.
“The acquirer had a turnover of Sh169,964,642 for the preceding year, 2018 while the targets were Sh63,393,951. Therefore, the combined turnover of Sh233,358,593 meets the threshold for exclusion as provided in the Merger Threshold Guidelines,” he said.
In 2015, Axis also acquired stockbroker ApexAfrica Capital for Sh470 million through its local unit Mauritius Kenya Investment holding.
Axis provides financial services including investment advisory, fund management, the establishment of trusts and tax shelters in Seychelles, Mauritius, and Kenya.
Livingstone Associates offers corporate secretarial, registration and trustee services within the East Africa region.
