The Competition Authority of Kenya (CAK) has approved a proposal issued by Bima Holdings limited seeking to acquire 100% of the issued share capital of Minet (Mauritius) Holdings limited, a company involved in the provision of insurance brokerage services.
The approval follows after the transaction met the required thresholds of having a healthy impact on the markets competition and seeking approval from the authority prior to implementing the proposed transaction since the parties combined assets exceed the one billion mark. The transaction qualified as a merger as stipulated in the Competition Act CAP 504 laws of Kenya under section 2 and 41.
The transaction involves acquisition of the entire issued share capital of Minet Mauritius by Bima Holdings. According to Bima, the transaction is driven by commercial considerations across the continent and not with specific reference to Kenya. On the other hand, Minet Mauritius highlighted that the proposed transaction aligns with their strategy to divest from its insurance brokerage business in Africa and realize gains.
Impact of the Bima – Minet Merger
According to CAK’s analysis, the market share of the merged entity in insurance brokerage and pension administration, does not pose any competitive threat to the existing market and it is however likely to face competition from other market players.
Minet holdings is a company that is incorporated in Kenya and is involved in providing insurance brokerage services, consulting services, claims management, insurance fraud investigation services and pension fund administration.
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