Africa Travels Investment has acquired Pollman’s Tours and Safaris, Kenya’s oldest tourist company.
The firm received approval from the Competition Authority of Kenya (CAK) to acquire a 100 per cent stake in Pollman’s Tours and Safaris.
The deal was announced by CAK who assured that the deal would not hurt competition within the lucrative sector.
The authority added that the agreement would not in any way cause job losses as the activities of the sector players were highly regulated.
Photo: Courtesy
“This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market tour operators in Kenya, nor elicit negative public interest concerns”, the authority noted.
“After the transaction, there will be no change in market share because the buyer and seller are not direct competitors. As a result, the structure and concentration of the market, for tour operators, will remain unaffected”, they added.
The signing of the agreement for Africa Travels to acquire Pollman’s was initiated by Alterra Capital Partners, a private equity fund owned by Dangote and American billionaire Dave Rubenstein.
The latest move reflects the growing demand by rich foreign businessmen to invest in Kenya’s economy, which is among the fastest-growing globally.
