(NAIROBI, KENYA) – Kenya recorded $1.44 billion (KES 186.4 billion) in mergers and acquisitions during the first half of 2026, making it the leading market by deal value in Africa excluding South Africa, according to data from DealMakers AFRICA. The figure represents about £1.13 billion / €1.31 billion at current exchange rates.
The value of Kenyan deals far exceeded Nigeria’s $105.8 million (KES 13.7 billion), despite Nigeria recording more transactions. Kenya recorded 25 deals in the six months to June, compared with Nigeria’s 39 transactions. The difference shows how a small number of large acquisitions pushed Kenya to the top of the continent’s mergers and acquisitions table.
DealMakers AFRICA is a research provider tracking mergers and acquisitions, private equity, and corporate finance activity across Africa outside of South Africa. Kenya’s performance came from $2.23 billion (KES 288.7 billion) worth of disclosed deals tracked across the continent.
South Africa recorded only three deals valued at $571.2 million (KES 74 billion), while Egypt reported 18 transactions worth $140.7 million (KES 18.2 billion).
The biggest driver of Kenya’s performance was the proposed acquisition by South Africa’s Nedbank of a 66% stake in NCBA Group from shareholders. The transaction was announced on 21st January and valued at $855 million (KES 110.7 billion). The deal, which has received approval from the Central Bank of Kenya, accounted for nearly 60% of the total value of mergers and acquisitions recorded in Kenya during the period.
Another major transaction was Absa Group’s acquisition from minority shareholders of up to an additional 16.5% stake, equivalent to 895,989,600 shares, in Absa Kenya. The transaction was valued at $239 million (KES 30.9 billion).
The two banking deals show the growing role of the financial services sector in driving corporate consolidation in Kenya, as regional and international investors seek scale, market share and access to the country’s expanding consumer and business economy.
Across the wider continent, mergers and acquisitions activity softened compared with the same period last year. The total value of deals captured by DealMakers AFRICA in the first half of 2026, excluding South Africa, stood at $5.58 billion (KES 722.5 billion), a 10% decline from a year earlier. Deal volumes fell to 166 transactions, about 13% lower than the first half of 2025.
DealMakers AFRICA said strategic investors continued to pursue long term growth opportunities despite a more measured global investment environment. It noted that geopolitical developments have heightened uncertainty and prompted buyers and investors to adopt a more cautious approach to transactions in the region.
By deal volumes, West Africa accounted for 55 transactions, or about one third of all reported activity. East Africa followed with 39 deals, while North Africa recorded 34. Nigeria, Kenya, Egypt and Morocco emerged as the leading drivers of transaction activity within their respective regions.
Ronisha Singh, head of transaction advisory for Middle East and Africa, Private Equity and Mergers and Acquisitions at Marsh, said energy and mining remained among the continent’s biggest attractions for strategic and opportunistic investors. Four major transactions in Angola and Ghana, alongside another in Equatorial Guinea, had a combined value of $1.21 billion (KES 156.7 billion).
Private equity also continued to play a significant role in African corporate transactions, accounting for 76 deals during the six month period. Activity remained below previous levels as investors dealt with difficult exits and broader market uncertainty.
DealMakers AFRICA said Africa’s mergers and acquisitions market is increasingly rewarding well prepared companies with strong investment propositions while exposing weaker deals earlier in the transaction process. Businesses with scale, a credible equity story and manageable regulatory and financing risks are attracting serious investor interest, even as global economic and geopolitical uncertainty makes buyers more selective.