The Competition Authority of Kenya (CAK) has approved a significant transaction involving the acquisition of a 51% stake in Monarch Insurance Company Limited by three firms: Ondoba Limited, Kenyoro Limited, and Equico Thirteen Limited. The deal qualifies as a merger under the Competition Act Cap. 504, necessitating CAK’s review due to the combined entities’ turnover exceeding Ksh1 billion. Ondoba Limited is a newly formed holding company focused on financial sector investments, while Kenyoro Limited and Equico Thirteen Limited are established investment firms incorporated in Kenya with interests in financial services, including insurance. Monarch Insurance is a Kenyan limited liability company offering a range of insurance products. With the approval, the new shareholders aim to strengthen Monarch’s market position through strategic partnerships.
Financial Services, Insurance,Kenya
https://mergersacquisitions.einnews.com/article/738925418/eGp5__SY3VXEtGlX?ref=rss&ecode=Q1vNcweEggLWKz7L