Kenya emerged as the leading East African nation in merger and acquisition (M&A) activity in 2023, with deals totaling $600.3 million. This surpassed its 2022 performance, where it ranked second with $1.12 billion in transactions.
Notable deals in Kenya included the sale of James Finlay Kenya's tea farms to Sri Lanka's LOLC Holdings for $23.6 million and the sale of a stake in Lake Turkana Wind Power to BlackRock for an undisclosed sum.
Tanzania followed Kenya with $284.9 million in M&A deals, while Uganda ranked third with $245.5 million. Ethiopia also saw significant activity with 10 deals valued at $181.7 million.
East Africa as a whole recorded 144 deals, making it the most active region for M&A in Africa. Kenya and Nigeria were the powerhouses within their respective regions, with 95 and 82 deals, respectively.
Tanzania's joint venture between Taifa Gas and Delta Marimba, valued at $100 million, was among its top deals. Uganda's Sarrai Group and Rwimi Holdings' acquisition of Hima Cement for $120 million was the country's largest transaction.
Other countries in the region also witnessed M&A activity, including Eritrea with one deal worth $166 million, Rwanda with nine transactions valued at $116.6 million, and Djibouti with a single deal worth $7.5 million.