Bima Holdings Ltd, an investment vehicle backed by Mauritius private-equity firm Adenia Partners, has secured regulatory clearance from the Competition Authority of Kenya (CAK) to acquire 100% of Minet (Mauritius) Holdings Ltd.
- •The approval allows Adenia to expand its financial-services footprint in Kenya through the insurance brokerage and pension-administration firm.
- •According to CAK, Minet Kenya holds about 6% of the general-insurance brokerage market, less than 1% in long-term insurance, and 4.89% in pension administration.
- •In Kenya, Adenia already controls supermarket chain Quick Mart Ltd, heavy-equipment distributor ESS Equipment Kenya Ltd, and life-sciences firm Africa Biosystems Ltd.
- •The insurance-intermediary market remains fragmented, with brokers and agents accounting for roughly 80% of total premium distribution.
- •CAK also said the deal poses no negative employment effects and is consistent with public-interest considerations, as no layoffs or supplier impacts are expected.
Adenia’s Growing Kenyan Portfolio
Adenia Partners, founded in 2002 and headquartered in Mauritius, manages over US$ 470 million (KSh 60.7 billion) across five funds. It invests in mid-market African companies with growth potential and a regional presence.
The Minet acquisition positions the private-equity group in the financial-services and pensions sector for the first time. The transaction meets the CAK’s merger-notification threshold, with the combined assets and turnover exceeding KSh 1 billion. The regulator found that the acquisition is unlikely to lessen competition or raise public-interest concerns.
CAK’s decision clears the final domestic regulatory hurdle for completion of the transaction. The value of the deal was not disclosed.
