ZIMBABWE’S mergers and acquisitions activity gathered momentum during the first quarter, with the Competition and Tariff Commission (CTC) handling seven transactions across multiple sectors, highlighting renewed investor appetite for strategic assets despite persistent economic headwinds.
According to the CTC’s first quarter 2026 report, two transactions were approved without conditions, while five deals remain under review.
The approved transactions were the proposed acquisition of Makasa Sun by ASB Hospitality and the proposed takeover of Vertice Medtech by Vertice Bidco.
Pending transactions included CBZ Holdings’ proposed acquisition of Dokuma, Monomatapa Hospitality’s planned purchase of the Caribbean Bay Hotel in Kariba, Unifreight Africa Limited’s planned acquisition of Cheetah Logistics, Rutanhi Beverages’ bid for Tanganda, and Harith Aviation’s proposed acquisition of Safair Holdings.
The hospitality sector featured prominently among the deals during the quarter.
The acquisition of Makasa Sun is expected to revive one of Victoria Falls’ dormant tourism assets.
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The commission said it received notification of the transaction on February 5 before the deal was fully notified on February 18.
“Post-merger, Makasa Sun will be wholly owned by ASB Hospitality, and the property will be renovated and reopened under a new hotel brand,” the report said.
ASB Hospitality already has indirect exposure to Zimbabwe’s hospitality market through Hyatt Regency Harare — The Meikles Hotel.
Makasa Sun is a property-holding company that owns the former Kingdom Hotel property in Victoria Falls and is jointly controlled by First Capital Bank Limited and the First Capital Bank Staff Pension Fund.
The commission said the US$30 million transaction would allow sellers to dispose of non-core assets while enabling ASB Hospitality to expand its hospitality portfolio in Zimbabwe.
CTC said its assessment focused on whether the merger would reduce competition in the hospitality sector, particularly in Harare and Victoria Falls.
“The theories of harm associated with horizontal mergers, namely unilateral effects and coordinated effects, were analysed to determine the likely effects of the merger on competition,” CTC said.
“It was established that the merger does not result in either or both unilateral effects and coordinated effects mainly owing to the differences in the geographic markets as well as the fact that the target is currently inactive in the market.”
CTC said the transaction was expected to have a “pro-competitive effect” by bringing back into operation a hospitality asset that has remained dormant.
“As such, the merger is likely to have a pro-competitive effect by reintroducing a competitor into the hotel accommodation market in Victoria Falls,” the report said.
Resurgence on the mergers front comes as Zimbabwe’s tourism and corporate sectors continue repositioning after years of economic instability, currency volatility and constrained capital flows.
Victoria Falls has attracted increased investor interest in recent years following government efforts to position the resort city as an international tourism and financial hub anchored by the Victoria Falls Stock Exchange.
The latest pipeline of transactions also points to growing consolidation across strategic sectors of the economy, including transport, financial services and manufacturing, as companies seek scale, operational efficiencies and stronger market positioning.
CBZ Holdings’ proposed acquisition of Dokuma is likely to attract attention within the financial services sector given the banking group’s expansion ambitions, while the proposed Tanganda acquisition by Rutanhi Beverages signals potential restructuring activity within Zimbabwe’s agro-processing and beverage industries.
The commission did not disclose the value of the transactions under review or indicate when determinations would be made.
According to the CTC’s 2024 annual report, the commission approved 13 transactions valued at more than US$164,9 million in 2024, compared to 16 transactions worth US$201,5 million in 2023. The 2024 total included several deals structured as share swaps.
Economists told the Zimbabwe Independent recently that companies were increasingly using consolidation as a defensive strategy for survival and growth.
“Companies have to find ways to survive,” economist Trust Chikohora said.
Another economist, Stevenson Dhlamini, said the consolidation wave “successfully generates essential private operational efficiencies and builds corporate resilience, but it simultaneously presents a significant policy challenge by accelerating the pace toward greater market concentration, which requires careful structural management to prevent undue risk”.