NaCC approves wave of mergers in fuel, healthcare and property deals

The Namibian Competition Commission (NaCC) has approved 15 mergers in the first quarter of 2026, clearing transactions across the fuel, healthcare, banking, logistics, property, insurance, transport and manufacturing sectors, while imposing conditions on three deals.

Among the most significant approvals was Nasan Energies’ acquisition of 52 Engen- and Shell-branded service stations from Vivo Energy Namibia and Engen Namibia. The regulator found the transaction could lessen competition and strengthen market dominance in fuel wholesaling, but cleared it on public-interest grounds, citing increased local ownership, participation by historically disadvantaged Namibians, SME involvement and employment protection.

Approval was granted subject to a condition preventing Nasan from sourcing petroleum products, directly or indirectly, from Vitol or its affiliates. The transaction forms part of remedies linked to Vitol’s acquisition of Engen and is among the most closely watched competition matters in Namibia.

Health sector

Healthcare transactions featured prominently among the approvals. The commission cleared the acquisition of the Namibian Oncology Centre by a consortium comprising Salt Equity, FISEA and Jan Bosch Investment Limited, noting the group already holds interests in Rhino Park Hospital, Welwitschia Hospital and other healthcare businesses. It concluded the deal was unlikely to substantially lessen competition in specialised oncology services.

In a separate transaction, Mediclinic Windhoek and Mediclinic Properties were approved to acquire Treeside Medical Suites, Treeside Medical Guesthouse and the underlying property in Windhoek. The approval was granted with employment-related conditions after the regulator identified public-interest concerns.

In the maritime sector, Murrelets Investments was cleared to acquire Novaship Namibia, a Walvis Bay-based ship agency, clearing and forwarding, chandling and marine safety services company. Employment conditions were also attached.

Banking

In banking, IJG Securities Money Market Trust acquired preference shares in Letshego Bank Namibia. The regulator found the transaction would not substantially lessen competition in banking services.

A major international beverage transaction also received approval. Coca-Cola HBC AG and Coca-Cola HBC Holdings acquired control of Coca-Cola Beverages Africa, which indirectly controls Coca-Cola Namibia Bottling Company and Northern Mineral Waters. The commission found no competition concerns in Namibia’s non-alcoholic ready-to-drink beverage market.

In insurance, King Price Financial Services and King Price Insurance Namibia were acquired by Singapore-based Orient Victoria Capital and South Africa’s KP Partners. The regulator said the deal would not adversely affect competition in the short-term insurance market.

Continued investment activity

Property deals also featured strongly. O&L subsidiary Wernhil Park was approved to acquire Erf 3544 in Klein Windhoek, together with its associated letting business, while Gold View Investments received approval to acquire Grove Mall of Namibia. Both transactions were cleared unconditionally.

In logistics and transport, Intertoll International Holdings acquired rail leasing company GPR Leasing Africa, which owns locomotives and wagons operating in Namibia. Separately, Rix Transport and Sanga Tours & Safaris underwent a family ownership restructuring approved by the commission.

Other approvals included Vertice BidCo’s acquisition of Vertice Medtech Holdings, the takeover of Hospitality Textile Supplies by South African investors, Harvestime’s acquisition of McCain South Africa’s vegetable business, and the acquisition of Swami Properties and Winelwo Investments by Botswana- and US-linked investors.

The NaCC said the decisions reflected sustained investor interest across Namibia’s economy, despite ongoing concerns about market concentration in strategic sectors such as fuel supply.

It added that most transactions were cleared unconditionally after being found unlikely to substantially lessen competition, while conditions imposed in a small number of cases were primarily aimed at protecting employment or addressing competition risks.