Major Mergers & Acquisitions Reshaping African Industries

Africa’s business landscape is undergoing a significant transformation as companies increasingly use mergers and acquisitions (M&A) to expand across borders, enter new markets, strengthen their capabilities and compete on a larger scale. From banking and telecommunications to media, mining, energy and technology, major transactions are changing who owns strategic assets and how industries operate.

The trend is particularly notable because many of these transactions go beyond simple company takeovers. They reflect a broader shift toward pan-African businesses with the scale to serve multiple markets, attract international capital and build stronger regional networks.

Banking Is Becoming Increasingly Pan-African

Banking remains one of the most active areas for consolidation across Africa. Financial institutions are looking beyond their home countries as businesses and consumers increasingly demand cross-border payment, lending and investment services.

A major example is Access Bank’s expansion across Africa. In 2025, the Nigerian bank completed the acquisition of National Bank of Kenya and also expanded through transactions involving Standard Chartered’s businesses in Tanzania and Cameroon. Access Bank UK also acquired a majority stake in Mauritius-based AfrAsia Bank. These transactions strengthened the group’s presence across East Africa, Southern Africa and the Indian Ocean region.

The significance goes beyond the individual banks. Larger banking groups can potentially offer multinational companies a more consistent financial partner across several African markets while gaining access to new customer bases.

For African consumers, increased competition could also encourage improvements in digital banking, payments and financial products.

Telecommunications and Digital Infrastructure Are Consolidating

Africa’s rapidly expanding digital economy is creating demand for stronger telecommunications and infrastructure businesses. As data consumption increases, telecom operators are looking for ways to control infrastructure costs and improve network capacity.

One of the notable developments is MTN Group’s announced agreement in February 2026 to acquire approximately 75% of IHS Holdings that it does not already own, focusing on IHS’s African operations. MTN said the transaction would strengthen its digital infrastructure platform and allow it to capture efficiencies by bringing complementary infrastructure closer into the group.

The sector is also seeing consolidation around fibre networks. In South Africa, Vodacom acquired a 30% stake in Maziv, the owner of Dark Fibre Africa and Vumatel, in a transaction valued at R11.5 billion. The deal created a stronger platform for fibre connectivity and digital infrastructure investment.

These transactions demonstrate that Africa’s digital future depends not only on smartphones and applications but also on the physical infrastructure supporting connectivity.

Media Is Entering a New Era of Consolidation

The African media industry has also witnessed major changes.

Canal+’s acquisition of MultiChoice represents one of the continent’s most significant media transactions. The deal brought together Canal+ and MultiChoice, whose portfolio includes major brands such as DStv and GOtv. The transaction, valued at approximately $3.17 billion according to an Africa M&A tracker, became one of the largest media deals in African corporate history.

The deal reflects the changing economics of entertainment. Traditional television companies face competition from streaming platforms, social media and changing consumer viewing habits. Combining large subscriber bases, content libraries and distribution networks can give media groups greater scale as they compete for audiences.

For African consumers, consolidation could lead to more investment in locally produced entertainment, although questions around competition, pricing and consumer choice will remain important.

Mining Continues to Attract Strategic Buyers

Africa’s mineral wealth continues to attract international investors, particularly as global demand for copper, gold and other critical minerals increases.

In Ghana, Zijin Mining acquired the Akyem Gold Mine from Newmont for approximately $1 billion in 2025. In Zambia, the acquisition of a 51% stake in Mopani Copper Mines by Delta Mining, backed by the United Arab Emirates’ International Resources Holding, was another major transaction.

These transactions illustrate how mining assets are becoming increasingly strategic. Copper, gold and other minerals are important not only for traditional industries but also for energy transition technologies, infrastructure and manufacturing.

The challenge for African economies is ensuring that these investments translate into broader economic benefits through employment, local procurement, skills development, infrastructure and government revenue.

Food, Beverage and Consumer Markets Are Also Changing

Consumer industries are attracting major cross-border transactions as multinational companies reassess their portfolios.

One of the biggest African deals recorded in 2025 was Diageo’s sale of its stakes in East African Breweries Limited and UDV Kenya to Japan’s Asahi Group Holdings for about $3 billion. The transaction was reported as the largest deal recorded on the African continent that year.

The transaction highlights the growing importance of African consumer markets to international companies. As populations become more urban and consumer preferences evolve, businesses are looking for efficient ways to establish or strengthen their presence in high-growth markets.

Why Companies Are Pursuing M&A

Several forces are behind Africa’s growing M&A activity.

Market expansion is one of the biggest drivers. Instead of building a new business from scratch, an established company can acquire an existing operator with customers, employees, licences and infrastructure.

Scale is another factor. Operating across multiple countries can help businesses spread costs, strengthen purchasing power and develop larger customer networks.

Technology is also influencing deals. Banks, telecom companies and traditional businesses are acquiring technology platforms that can help them compete in increasingly digital markets.

There is also growing interest in strategic assets. Fibre networks, mobile payment platforms, energy infrastructure and mineral resources can become more valuable as African economies digitise and industrialise.

What These Deals Mean for African Businesses

M&A activity can create opportunities for local companies. Acquisitions may bring new capital, technology, management expertise and access to international markets.

However, consolidation also creates challenges. When industries become dominated by a smaller number of large companies, regulators must ensure that competition remains healthy and consumers are protected.

Governments therefore face the difficult task of encouraging investment while maintaining competitive markets. Strong competition policies, transparent regulatory processes and effective oversight will become increasingly important as cross-border transactions grow.

The Future of African M&A

The next phase of African M&A is likely to be shaped by digital infrastructure, financial services, energy, mining, healthcare, logistics and consumer businesses. Africa’s fragmented markets remain a challenge, but they also create opportunities for companies capable of operating across borders. As businesses become more comfortable with regional expansion, acquisitions can provide a faster route to scale.

The bigger story is that African companies are increasingly participating in transactions that extend beyond individual national markets. Banking groups are building continental networks, telecom companies are consolidating infrastructure, media companies are combining audiences and mining companies are securing strategic resources.

Mergers and acquisitions are therefore becoming more than financial transactions. They are helping determine the ownership, structure and competitive direction of some of Africa’s most important industries.

For investors, entrepreneurs and consumers alike, understanding these deals offers a useful window into where the African economy may be heading next.