French investment firm Eurazeo SE has received the green light from the Competition Authority of Kenya (CAK) to fully acquire two subsidiaries of Bioline Group. The approval, granted unconditionally, paves the way for Eurazeo SE to expand its presence in the African pest control market through Legendre Holding 114, its investment vehicle.
The acquisition includes Bioline Agrosciences Africa Limited and Dudutech Properties Limited, both integral to Bioline Group’s operations in Kenya. Bioline Agrosciences Africa Limited specializes in the production and sale of zero-residue biological pest control products, offering sustainable solutions for agricultural pest management. On the other hand, Dudutech Properties Limited serves as the property-holding entity where the firm conducts its activities.
According to CAK, the approval was granted as the transaction is unlikely to negatively impact competition in Kenya’s pest control market or raise public interest concerns. “The proposed transaction involves the acquisition of 100% of the issued share capital in Bioline Agrosciences and 100% of the issued share capital in Dudutech Properties. The transaction will enable the seller to recoup its investment while facilitating the acquirer to develop the business,” CAK stated.
The deal, valued at more than Ksh 1 billion, is not expected to disrupt the competitive landscape in Kenya’s pesticide market. Currently, the sector is led by Syngenta, which holds a 20% market share, followed by Bayer AG at 15%, Corteva with 7.7%, FMC Corporation at 5.7%, and Adama Agricultural Solutions at 4.4%, with the remaining share distributed among other manufacturers.
“In addition, it is the Authority’s view that the proposed transaction will not lead to substantial lessening or prevention of competition in the market for pest control products in Kenya,” CAK affirmed.
Eurazeo SE, which has assets under management worth $34.85 billion, is an investment holding company specializing in private equity, private debt, and real assets. Despite its global presence, the firm has not previously operated in Kenya. The acquisition marks Eurazeo SE’s entry into the Kenyan market, underscoring its commitment to investing in sustainable agricultural solutions.
The approval highlights Kenya’s openness to foreign investment in the agricultural sector while ensuring regulatory oversight to maintain market balance. With the acquisition completed, Eurazeo SE is poised to expand its footprint in the biological pest control industry, fostering growth and innovation in the sector.
