CEMAC 2024 – 2025 M&A Review and 2026 Outlook: Trends, Timelines, and What the Pipeline Reveals

Merger and acquisition (M&A) activity in the CEMAC region saw a notable acceleration throughout 2024 and 2025. An analysis of publicly available data from the CEMAC Competition Commission (the “Commission”), spanning final decisions in 2024 and the pipeline of notifications filed in 2025, offers a practical view of where investment is flowing and how the regulatory framework is maturing.

This market review, based on official Commission records, identifies key sectoral trends from completed transactions and provides an outlook on strategic sectors to watch in 2026.

Key Sectoral Trends in CEMAC M&A

Recent notifications and decisions highlight four primary sectors driving consolidation and strategic investment across the region, with emerging activity pointing to a broadening landscape.

Hydrocarbons and Energy: Strategic State-Led Consolidation

The oil and gas sector remains a central focus, marked by a trend of national oil companies increasing their stakes in domestic production.

• Completed 2024 Deals: The Société Nationale des Hydrocarbures du Gabon (SNHG) executed two major transactions: acquiring a 40% stake in the ATORA permit from Perenco Oil & Gas Gabon and acquiring full control of Assala Energy Holdings Limited.

• 2025 Pipeline: This trajectory continues with SNHG’s notification for the acquisition of participations from TotalEnergies EP Gabon (filed November 2024) and assets from Tullow Oil Gabon (filed May 2025). In the Republic of Congo, Koulou Exploration et Production SA (KEP), a subsidiary of the Société Nationale des Pétroles du Congo (SNPC), notified its acquisition of interests in the M’Boundi field from Burren Energy and Eni Congo (filed August 2025).

Financial Services: Pan-African Expansion and Specialized Finance

The financial sector continues its transformation, driven by the expansion of pan-African banking groups and the emergence of specialized credit institutions.

• Completed 2024 Deals: The acquisition of Standard Chartered Bank Cameroon Ltd by Access Bank Cameroon Plc exemplified the shift in strategy by traditional international banks and the concurrent expansion of pan-African groups.
• 2025 Pipeline: The Commission received notification of the cession of shares in Alios Finance Cameroon and Alios Finance Gabon to Crédit d’Afrique Group (filed July 2024, completed September 2024), highlighting sustained activity in adjacent financial services such as specialized credit.

Private Equity and Investment Funds: Targeting Infrastructure and Growth

Investment funds are playing an increasingly visible role, targeting essential services and companies with high-growth potential.

• Completed 2024 Deals: Adenia Capital V took exclusive control of Air Liquide’s operations in Cameroon, Congo, and Gabon, a significant move in the industrial and medical gas sector. Separately, Gap Arthur Holdco L.P. (General Atlantic) acquired control of Actis Holding S.A.R.L., thereby gaining exposure to portfolio companies, including Cameroon’s power distributor, ENEO.

Logistics, Transport, and Industrial Equipment: Supporting the Real Economy

Consolidation in logistics, maritime services, and equipment distribution underscores a focus on infrastructure and supply chain efficiency.

• Completed 2024 Deals: J.A.S. Jet Air Service SPA acquired control of Setgroup S.R.L., while the acquisition of a 25% stake in Ariozo Group Holding (BIA Group) by Sumitomo Corporation highlighted the strategic importance of distributing industrial and mining equipment.
• 2025 Pipeline: The Commission received notifications for the acquisition of joint control of Groupe Bourbon by Oakview Capital and CF BM UK Holdings (filed July 2025) and the acquisition of exclusive control of GPM Holding (which includes Ocean Express) by Africa Global Logistics (filed September 2025).

Emerging Sectors: Agro-Industry, Audiovisual, and Cement

Beyond the traditional drivers, 2025 saw significant notifications in new sectors, pointing to a broadening M&A landscape.

• Agro-Industry: The proposed acquisition of exclusive control of OLAM Agri Holding Limited by the Saudi Agricultural and Livestock Investment Company (SALIC) (filed July 2025) represents a landmark transaction in the agro-industrial sector.
• Audiovisual:  The proposed acquisition of MultiChoice Group Limited by Groupe Canal+ SAS (filed March 2025) signals major consolidation in the pay-TV market across the region.
• Cement: The proposed acquisition of 70% of CIM-TCHAD by CIMAF TCHAD (filed December 2025) points to consolidation in building materials, likely linked to regional infrastructure development.

The CEMAC M&A Control Process: A Step-by-Step Guide

For companies planning transactions in the region, understanding the Commission’s review process is essential for establishing a practical and predictable roadmap.

• Step 1: Formal Notification: The process formally begins with notifying the Commission of the transaction at the Commission’s headquarters.
• Step 2: Acknowledgement and Payment of Fees: The Commission acknowledges the filing and confirms the obligation to pay the required fees. A file is deemed complete only after fees are paid.
• Step 3: Public Announcement: The Commission publishes a summary of the proposed transaction on its website to inform the public. 
• Step 4: Consultation with Member States: The Commission formally notifies the national authorities of all CEMAC member states, inviting them to raise any concerns relating to public security, health, or prudential regulation.
• Step 5: Competitive Assessment by the Community Competition Council (CCC): The CCC reviews the transaction’s potential impact on competition, defining relevant markets and assessing market shares. 
• Step 6: Final Authorization Decision: Following the CCC’s opinion, the President of the CEMAC Commission issues a final decision. 

Regulatory Timeline: What to Expect

The 2024 decisions demonstrate a relatively predictable review process for straightforward filings. The timeline from notification to decision for a selection of 2024 transactions is summarized below.

Source: CEMAC Competition Commission public decisions.

This data suggests that for transactions with a complete notification file and no significant competition concerns, parties can typically expect a review period of two to five months.

2026 Outlook: What the Pipeline Tells Us

The notifications filed in 2025 provide strong indicators of where M&A activity is likely to intensify in 2026.

• Continued State-Led Energy Deals: The multiple SNHG and SNPC notifications point to further consolidation of national hydrocarbon resources.
• Large-Scale Agro-Industrial Investment: The Olam/SALIC transaction, if approved, would be one of the largest agro-industrial deals in the region.
• Maritime Logistics Consolidation: The Bourbon and AGL notifications signal that the logistics sector will remain a hotspot for deal activity.
• Media Convergence: The Canal+/MultiChoice notification highlights the growing convergence of media and telecommunications platforms.
• Building Materials: The CIMAF/CIM-TCHAD notification suggests that infrastructure growth is driving consolidation in upstream supply markets.

Practical Implications for Investors

Leveraging public data and integrating early regulatory planning are essential for successful deal execution in this environment.

“Aggregate analysis of the Commission’s decisions and pending notifications provides valuable insight into both the regulator’s reasoning and the strategic direction of the CEMAC market. Companies contemplating mergers and acquisitions in the region should integrate merger control analysis into their transaction planning from the earliest stages. A well-prepared notification file, benchmarked against past clearances and aware of emerging sectoral trends, can significantly facilitate the review process and mitigate timing risks.” Epanty MBANDA, Managing Partner at 4M Legal & Tax

Conclusion

The CEMAC region continues to experience dynamic M&A activity, driven by strategic state-led consolidation in energy, the expansion of pan-African financial groups, and targeted investment in infrastructure and logistics.

The 2024 decisions confirm that the CEMAC Competition Commission follows a structured and transparent review process, with clearance typically obtained within two to five months for straightforward filings. The robust 2025 pipeline signals that this momentum will carry forward into 2026.

About 4M Legal & Tax

4M Legal & Tax is a business law firm advising corporations, financial institutions, and investors on corporate transactions, regulatory compliance, competition law, and tax matters in Cameroon and across the CEMAC region.

Disclaimer

The above analysis is based on publicly available information from the CEMAC Competition Commission and other official sources as of March 2026. It is intended to provide general insights into market trends, not as commentary on any specific transaction or as legal advice.