DealMakers AFRICA report shows the country recorded Sh186.4bn in deal value Kenya is one of Africa’s most attractive corporate dealmaking destinations after mergers and acquisitions surged to $1.44 billion (Sh186.4 billion) in the first half of 2026. This was powered by a series of high-value banking transactions with the value of Kenyan deals far exceeded Nigeria’s $105.8 million (Sh13.7 billion), despite Nigeria recording more transactions, underlining how a handful of large acquisitions helped propel Kenya to the top of the continent’s mergers and acquisition table.
According to DealMakers AFRICA, Kenya recorded 25 deals during the six months to June, compared with Nigeria’s 39 transactions. The difference highlights a growing trend in African dealmaking, where fewer but larger and strategically significant transactions are increasingly accounting for a substantial share of total market value.
DealMakers AFRICA is a publication and research provider tracking mergers and acquisitions, private equity, and corporate finance activity across the African continent outside of South Africa. Kenya’s performance came out of $2.23 billion (Sh288.7 billion) worth of disclosed deals tracked across the continent, placing the country at the top by deal value.
South Africa, meanwhile, recorded only three deals valued at $571.2 million (Sh74 billion), while Egypt reported 18 transactions worth $140.7 million (Sh18.2 billion). The biggest driver of Kenya’s performance was the proposed acquisition by South Africa’s Nedbank of a 66 per cent stake in NCBA Group from shareholders in a transaction announced on January 21 and valued at $855 million (Sh110.7 billion).
The deal, which has received a green light from the Central Bank of Kenya, accounted for nearly 60 per cent of the total value of mergers and acquisitions recorded in Kenya during the six-month period. Another major transaction was Absa Group’s acquisition from minority shareholders of up to an additional 16.5 per cent stake, equivalent to 895,989,600 shares, in Absa Kenya.
The transaction was valued at $239 million, or about Sh30.9 billion. The two banking deals demonstrate the increasing importance 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.