NAIROBI, Kenya, Jan 18 – The Competition Authority of Kenya (CAK) has okayed the full acquisition of Nova Schools property at Tatu City in Ruiru, Kiambu County.
In the deal, Heri Holdings Limited will take some assets of the school, such as buildings, land, and related infrastructure.
However, CAK says that the school will continue to operate with no transfer of programs, brands, or related assets such as students, teachers and other employees.
“The proposed transaction involves the acquisition of 100% of the issued share capital and loans of Nova Academies by Heri Holdings,” CAK said in a statement.
“The transaction therefore, qualified as a merger within the meaning of sections 2 and 41 of the Competition Act No. 12 of 2010,” it added.
“The Act stipulates that a merger, or takeover, may occur when an undertaking directly or indirectly acquires control over another business within Kenya. This may happen through, among others, purchase/lease of shares, exchange of shares, or vertical integration.”
Heri is an investment and management company that owns, finances, develops, and leases hospitality and commercial office real estate assets across the country.
On the other hand, Nova Academies is a private school operator providing secondary education across Kenya through seven institutions.
“This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for commercial property, nor elicit negative public interest concerns – the two key considerations during merger analysis by the Authority.”
