Bima Holdings Ltd, an investment firm backed by Mauritius-based private equity group Adenia Partners, has received approval from the Competition Authority of Kenya (CAK) to acquire 100% of Minet (Mauritius) Holdings Ltd.
Thank you for reading this post, don't forget to subscribe!The regulatory clearance allows Adenia to expand its footprint in Kenya’s financial-services sector, particularly in insurance brokerage and pension administration — marking its entry into a new line of business beyond retail and logistics.
Adenia’s Expanding Kenyan Portfolio
Adenia Partners already has a growing presence in Kenya, with investments in Quick Mart Ltd, ESS Equipment Kenya Ltd, and Africa Biosystems Ltd.
The acquisition of Minet (Mauritius) adds an insurance and pensions arm to this portfolio, positioning the firm as a diversified investor in Kenya’s economy.
According to CAK, Minet Kenya currently commands about 6% of the general-insurance brokerage market, less than 1% in long-term insurance, and 4.89% in pension administration.
No Job Losses or Competition Risks
The authority emphasized that more than 90% of the market will remain under other players, ensuring competitive balance in the industry. It also noted that the merger would not lead to job losses or negatively impact suppliers.
“The transaction is consistent with public-interest considerations and is unlikely to lessen competition,” CAK said in a statement.
Strategic Entry Into Financial Services
Founded in 2002 and headquartered in Mauritius, Adenia Partners manages over US$470 million (KSh 60.7 billion) across five funds, targeting mid-market African companies with growth potential.
The Minet acquisition marks its first major investment in the financial-services and pensions sector, signaling strategic diversification and confidence in Kenya’s regulatory and market environment.
The deal meets the CAK’s merger-notification threshold, with combined assets and turnover exceeding KSh 1 billion. The transaction value was not disclosed.
