The COMESA Competition Commission has announced a formal investigation into the proposed acquisition of Cold Solutions East Africa Holdings Limited (CSEAHL) by Inspired Evolution Managers Limited, signaling a pivotal move to safeguard competitive markets across the 21-member regional bloc.
In a Merger Inquiry Notice dated December 2, 2025, the Commission stated that the review comes after a notification was submitted under Article 24 of the COMESA Competition Regulations. The inquiry, conducted under Article 26, will assess whether the proposed transaction could substantially reduce competition or negatively impact public interest within the Common Market.
The acquisition involves a 21.6 percent stake in CSEAHL held by the Evolution III Fund, represented by Evolution III GP Limited and overseen by Inspired Evolution. The acquiring firm is a pan-African investment group that specializes in sustainable infrastructure and climate-resilient projects, with an operational footprint in Uganda, Kenya, Burundi, Mauritius, and Zimbabwe.
Cold Solutions East Africa provides energy-efficient cold storage and logistics services across key markets in East Africa, including Kenya, Rwanda, Mauritius, and Uganda. According to the companies involved, the investment aims to generate capital for expanding cold chain access, boosting regional trade, creating jobs, and supporting broader economic growth across the region.
COMESA has invited all stakeholders, including competitors, suppliers, and customers, to submit written comments on the proposed transaction. Those seeking clarifications can reach out to Ms. Sunjida Bundhun, Principal Analyst in the Competition Division, for guidance and support during the review process.
The Commission emphasized that all contributions will remain confidential and will be used exclusively for the purposes of the investigation. Submissions are required by December 18, 2025, giving stakeholders sufficient time to provide detailed insights and observations.
This review highlights COMESA’s dedication to maintaining fair competition across the region, particularly in critical sectors such as cold storage and logistics, which play a vital role in ensuring food security, strengthening agricultural value chains, and facilitating trade integration.
The outcome of the inquiry will determine whether the acquisition can proceed as planned, will require specific conditions, or may be blocked to protect market competition and regional welfare. The findings are expected to set a significant benchmark for future cross-border mergers within the Common Market.
