The EAC Competition Authority has opened an inquiry into a proposed acquisition by Amethis Fund III S.C.A. SICAV-RAIF of a 39.5% stake in Zamara Holdings Limited, setting the stage for a regional antitrust review.
- •The regulator said the probe will assess whether the transaction could substantially lessen competition or run counter to public interest across the East African Community, in line with the bloc’s competition laws and merger regulations.
- •The deal would see the Luxembourg-incorporated private equity fund take a significant minority position in Zamara, a Nairobi-based holding company with operations spanning Kenya, Uganda, Tanzania, Rwanda and the Democratic Republic of Congo, as well as Malawi, Nigeria and the United Arab Emirates.
- •Zamara’s subsidiaries provide actuarial consulting, retirement benefits administration and insurance brokerage services, placing the transaction within the region’s financial services sector.
Amethis Fund III invests across Africa, the Middle East and Europe, targeting growth-stage companies in sectors including manufacturing and distribution, business services, healthcare and infrastructure-linked services.
Amethis Investment Fund Manager said in January it had reached a final close of €406 million ($440 million) for the fund, in partnership with Edmond de Rothschild Private Equity. The fund is expected to make about 10 investments across Africa, typically deploying between €25 million and €40 million per deal.
