COMESA Shows It Means Business

In a first for cross-border merger regulation in Africa, a fine has been issued by the COMESA Competition Commission (Commission) for the failure to notify a merger within the prescribed timelines.

In the proposed acquisition by Helios Towers Limited of the shares in Madagascar Towers S.A and Malawi Towers Limited, the parties were fined 0.05% of their combined turnover for the 2020 Financial Year for failing to notify the acquisition to the Commission within the prescribed 30 day period from the date of the parties 'decision to merge'. In this press release [(available at the Commission noted that a decision to merge was executed on 23 March 2021, being the date the Share Sale and Purchase Agreement for the proposed transaction was signed, but the proposed merger was only notified on 2 July 2021, pursuant to Article 24(3) of the Regulations.