CAK approves Consult Bidco's acquisition of Mace Consult Holding

This is after the CAK established that the transaction is unlikely to lead to a substantial prevention or lessening of competition in the market for the provision of project management consultancy in Kenya, nor elicit negative public interest concerns.

Consult Bidco Ltd (Consult Bidco), the acquiring undertaking, is a company newly incorporated for the purpose of the proposed transaction. It is ultimately controlled by GS Group Inc, which is listed on the New York Stock Exchange. 

Its parent company is involved in global investment banking, securities, and investment management, providing a range of financial services worldwide Mace Consult Holding Limited (Mace Consult Holdings), the target undertaking, is incorporated in New Jersey, USA. In Kenya, it controls Mace Management Services Limited and Mace YMR Limited Liability Partnership, which are involved in the provision of consultancy services on project and cost management for construction and infrastructure projects.

The proposed transaction involves the acquisition of the entire issued share capital of Mace Consult Holdings by Consult Bidco, as a financial investment. It is anticipated that the proposed investment will generate operational efficiencies for the target, enabling it to better serve clients as a standalone business and accelerate its growth.

CAK said the transaction between Consult Bidco Limited and Mace Consult Holdings, met the threshold for mandatory notification and full analysis as provided in the Competition (General) Rules, 2019.