The East African Community Competition Authority has launched an investigation into a proposed acquisition that would see Amethis Fund III take a 39.5% stake in Zamara Holdings Limited, triggering a regional competition review.
The regulator will examine whether the deal could significantly undermine competition or conflict with public interest across the East African Community, in line with the bloc’s merger control framework.
The transaction involves the Luxembourg-based fund acquiring a substantial minority stake in Zamara, a Nairobi-headquartered firm with a footprint across Kenya, Uganda, Tanzania, Rwanda, and the Democratic Republic of Congo, alongside operations in Malawi, Nigeria, and the United Arab Emirates.
Zamara’s subsidiaries operate within the financial services space, offering actuarial advisory, pension administration, and insurance brokerage, placing the deal squarely within a competitive and tightly regulated sector.
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Amethis, which invests across Africa, the Middle East, and Europe, focuses on growth-stage businesses in areas such as manufacturing, distribution, business services, healthcare, and infrastructure-linked services.
Earlier this year, Amethis Investment Fund Manager announced a final close of €406 million for the fund, in collaboration with Edmond de Rothschild Private Equity. The fund is expected to back around ten companies across Africa, typically committing between €25 million and €40 million per investment.
