The East African Community Competition Authority (EACCA) has opened a formal merger inquiry into a proposed deal that would give Luxembourg-based private equity firm Amethis Fund III S.C.A., SICAV-RAIF a 39.5% stake in Zamara Holdings Limited.
The inquiry — Merger Inquiry Notice No. 3 of 2026 — was filed under Regulation 8 of the EAC Competition (Mergers and Acquisitions) Regulations, 2025, and Section 11 of the East African Community Competition Act, 2006.
Who Is Buying and Who Is Being Bought
Amethis Fund III S.C.A., SICAV-RAIF is a private equity fund incorporated in Luxembourg. It invests across Sub-Saharan Africa, North Africa, the Middle East, and Europe, with a focus on growth-stage companies across multiple sectors. The fund is part of Amethis, a Paris-headquartered investment manager with a long track record of backing mid-sized African businesses.
Zamara Holdings Limited is incorporated in Kenya as a non-operating holding company — meaning it exists to own and manage subsidiaries rather than conduct business directly. Those subsidiaries and branches operate in Kenya, Uganda, Tanzania, Rwanda, the Democratic Republic of Congo, Malawi, Nigeria, and the United Arab Emirates.
Their core business spans actuarial consultancy, retirement benefit administration, and insurance brokerage — services that sit at the centre of how individuals and organisations plan for long-term financial security.
What the Regulator Will Decide
The EACCA must determine whether the merger would substantially lessen competition within the East African Community or work against the public interest. In practice, this means examining market concentration in pension administration and insurance brokerage across the EAC, and whether the transaction reduces consumer choice.
Stakeholders can submit written representations to the Authority by emailing eacca@eachq.org and vokoth@eachq.org no later than 7 April 2026.
