CTC clears 26 mergers
CLOUDINE MATOLA
Zimbabwe’s competition regulator, the Competition and Tariff Commission (CTC), has approved 26 mergers and acquisitions, signalling renewed investor confidence, ongoing corporate restructuring, and rising deal activity from both local and foreign firms, Business Times can report.
Of the approved transactions, 23 were cleared without conditions, while three were approved subject to specific regulatory safeguards.
The approved deals cut across key sectors of the economy. In the dairy industry, the CTC authorised the 100% acquisition of Dendairy (Pvt) Ltd by Vamara Group Limited and 3DZ Capital Limited, subject to conditions requiring the merged entity to trade fairly and on non-discriminatory terms with both suppliers and customers.
In the tourism and hospitality sector, the commission approved without conditions the proposed acquisition of Great Zimbabwe Hotel by Mewame Family Trust, as well as the purchase of the entire issued share capital of Briolette Services (Montclair) (Pvt) Ltd by Rainbow Tourism Group.
The logistics sector also recorded activity, with Unifreight Limited acquiring Nimbcon Trading (Pvt) Limited in a transaction combining both horizontal and vertical integration elements.
Regional and international investors featured prominently. South Africa’s Lactalis acquired Vista 24 Pty Ltd in the dairy manufacturing space, while Novus Holdings increased its shareholding in Mustek Ltd. In the energy sector, Switzerland-based Deux Rivières Holding SA secured a 60 percent stake in Kensys Investments (Pvt) Ltd.
On the domestic front, Pintail Trading (Pvt) Ltd moved to acquire the assets of Nanavac Investments, trading as Choppies Zimbabwe.
“The commission handled 30 merger cases, out of which 26 decisions were made in 2025. Of these, 23 transactions were approved without conditions, indicating that most were unlikely to substantially lessen competition or raise public interest concerns. Three mergers were approved with conditions, reflecting instances where potential competition or public-interest risks required mitigation,” the CTC said.
It added that two conditionally approved mergers were later withdrawn, while one transaction was both prohibited and subsequently withdrawn. The year closed with one transaction still under assessment.
The latest figures represent an 85.7 percent surge in concluded merger cases from 14 in 2024 to 26 in 2025 underscoring improved operational efficiency and the commission’s commitment to timely review processes.
Public interest considerations, particularly employment protection, remained central to merger evaluations.
In terms of transaction composition, local-to-local deals dominated, accounting for 60 percent of total mergers. Transactions involving both local and foreign entities made up 23%, while foreign-to-foreign deals constituted 17%.
“This merger profile reflects a combination of domestic economic priorities and Zimbabwe’s growing integration into regional and global markets,” the commission said, noting that while domestic consolidation remains dominant, foreign participation and portfolio restructuring are gaining momentum.
Reaffirming its stance on fair competition, the CTC emphasised that entities involved in approved transactions must adhere to non-discriminatory trading practices.
“In light of the analysis, the Commission approved the Dendairy transaction on condition that Vamara Group Limited and Dendairy (Private) Limited, including their subsidiaries, affiliates and successors-in-title, trade with suppliers and customers on non-discriminatory terms and conditions,” the commission said.
The steady uptick in merger approvals highlights a cautiously strengthening investment climate, with both domestic consolidation and cross-border capital flows shaping Zimbabwe’s evolving corporate landscape.
