The Competition Authority of Kenya (CAK) has approved acquisition of a minority stake in retail chain Naivas by French private equity fund Amethis Finance.
The watchdog while approving the acquisition directed the merged entity to honour all current contracts made by Naivas with local suppliers besides payment of all exiting debts.
The approval sets the stage for the continued expansion by Naivas as it seeks to grow its footprint across the country in the fight for market share in an increasingly competitive market.
Amethis Finance last month disclosed the planned acquisition of about 30 percent in the local retailer in the deal whose value was however undisclosed.
Full Content: Business Daily
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