Asahi Group cleared to proceed with EABL-linked acquisition

The Capital Markets Authority (CMA) in Kenya, Tanzania and Uganda have approved an exemption allowing Japanese company Asahi Group Holdings to proceed with its planned acquisition linked to East African Breweries PLC without making a mandatory takeover offer to shareholders.

This was revealed in a public announcement dated May 14, 2026.

Asahi confirmed that regulators in Kenya, Tanzania and Uganda had granted the company exemptions from takeover requirements that would normally apply after acquiring a controlling stake in EABL.

The approvals were issued by Kenya’s Capital Markets Authority (CMA), Tanzania’s Capital Markets and Securities Authority (CMSA), and Uganda’s Capital Markets Authority (CMA-U).

The transaction stems from Asahi’s plan announced in December 2025 to acquire 100 per cent of shares in Diageo Kenya Limited from Diageo Holdings Netherlands B.V..

Through the acquisition, Asahi will indirectly gain control of 65 per cent of EABL, which is listed on the Nairobi Securities Exchange and cross-listed on the stock exchanges in Tanzania and Uganda.

Under East African capital markets laws, a company acquiring a controlling stake in a listed firm is normally required to make a takeover offer to all remaining shareholders. However, regulators can issue exemptions under special circumstances.

Asahi said the approvals mean it will not be required to make a mandatory takeover bid for EABL shareholders in the three countries.

Despite the approvals, the acquisition is not yet complete.

The company noted that the deal still requires antitrust and competition approvals from the Competition Authority of Kenya, Tanzania’s Fair Competition Commission and Uganda’s Ministry of Trade, Industry and Cooperatives before it can be finalized.