Pollman’s Tours and Safaris, Kenya’s oldest tour company has been acquired by Nigerian business mogul and Africa’s richest man.
The acquisition was made through Alterra Capital, a venture associated to Dangote and fellow billionaire David Rubenstein.
The transaction which aims to expand Kenya’s tourism industry, will not impact market competition or result in any job losses, according to the Competition Authority of Kenya.
The private equity firm Alterra Capital made an investment in ARP Africa Travel Group, the company that runs Pollman’s, in February.
With it’s rich flora and fauna, tourism remains one of Kenya’s leading economic drivers.
“With regard to the proposed transaction, post-merger, the market share of the merged entity will not change as the target and the acquirer are not in similar business and therefore the structure and concentration of the markets for tour operators in Kenya will not be affected,” the regulator said in a statement issued to media houses.
The Competition Authority of Kenya (CAK) further clarified that the new acquisition will not tamper with the composition and concentration of Kenya’s decentralized tour operator industry, which is home to more than 300 companies including Bonfire Adventures and Bountiful Safaris.
In line with Kenyan merger laws CAK affirmed that the acquisition does not threaten jobs or the competitiveness of small businesses.
Pollman’s Tours & Safaris is among Kenya’s oldest and most respected tour companies. Founded in the 1950s by Karl Pollman, Pollman’s Tours & Safaris has grown to more become an industry leader with more than 200 late model vehicles meeting the needs of a variety of group and individual clients and custom designed for the roads of Kenya.
The acquisition further opens up Kenya’s tourism industry to competitive service delivery with an eye on the global market.
Leave a Reply