Africa Travel Investments, a tourism investment firm backed by Africa’s richest man — Aliko Dangote — has acquired Kenya’s oldest tour company Pollman’s Tours and Safaris.

• Africa Travel received unconditional approval from the Competition Authority of Kenya (CAK) to purchase 100% of Pollman’s issued share capital.
• In February, private equity fund Alterra Capital, backed by Dangote and American billionaire Dave Rubenstein, invested in ARP Africa Travel Group, which operates Pollman’s.
• The formalisation of the transaction indicates a significant long-term private equity bet on the prospects of Kenya’s tourism sector.

“With regard to the proposed transaction, post-merger, the market share of the merged entity will not change as the target and the acquirer is 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.

The CAK said the structure and concentration of Kenya’s fragmented tour operator market — home to over 300 firms including Bonfire Adventures and Bountiful Safaris — would remain unchanged.

The authority also concluded the deal poses no threat to jobs or small business competitiveness, two of the key public interest concerns under Kenyan merger law. The parties indicated no employment losses would result from the acquisition.

According to Africa Travel, the acquisition is “a growth-focused investment.” In January, Alterra Capital also acquired a majority shareholding in the Java Coffee chain, which operates 73 branches in Kenya, Uganda and Rwanda.