Kenya: M&A/Private Equity

Kenya's Competition Authority published its FY 2024/25 Annual Report, revealing significant merger control activity with 128 applications processed, behavioral antitrust investigations spanning 75 cases, and notable enforcement actions against trade associations for price-fixing conduct. The report highlights the CAK's continued focus on employment retention conditions in merger approvals and its measured approach to exemption applications from industry bodies seeking relief from minimum pricing guidelines.

The Competition Authority of Kenya has imposed unusual remedies on the Diageo-Asahi transaction involving East African Breweries, requiring a USD 115 million reserve fund and retail refrigeration space allocation. These unprecedented conditions have sparked debate about the scope of merger control powers and raised questions about whether securing pre-existing liabilities falls within proper regulatory authority.

Kenya's competition law enforcement is rapidly evolving, with the Competition Authority of Kenya intensifying scrutiny across key sectors while Parliament considers sweeping new powers for digital markets. As regional merger control regimes become suspensory and enforcement activity increases, businesses operating in Kenya face a fundamentally different compliance landscape than existed just a year ago.