Zach Kauraisa
Between January 2024 and January 2026, there have been approximately 93 notable mergers or acquisitions in Namibia (where the target company has a turnover or asset base exceeding N$15 million).
This data reveals that Namibia does not yet have a broad-based and liquid M&A market; instead, the market is characterized by concentration and selective capital deployment.
A small number of well-capitalized firms are actively consolidating assets within their sectors or diversifying into proven segments of the Namibian economy.
The most active exit markets, with at least 5 transactions per sector, were real estate, tourism, retail, mining, agriculture and renewable energy. However, other sectors do not display the same transactional depth. Notably, consumer electronics, media, education and forestry recorded 1 or fewer transactions per sector.
This analysis extracts four structural observations from two years of M&A activity. The insights point out which players are consolidating key sectors, where strategic capital is deploying, and which sectors are offering credible exit pathways.
1. Tourism Assets Are Being Consolidated, Not Traded
Tourism accounts for 16 transactions, making it one of the most active sectors in Namibia’s M&A landscape. Tourism transactions represent a sustained pace of asset-level consolidation across a broad geographic spread of Namibia’s wildlife and hospitality infrastructure.
The data suggests a dual market: one focused on scaling operating platforms, the other on securing high-quality ecological assets. Two distinct acquisition profiles are visible.
The first is consolidation by operator-led vehicles:
- Alma Terra Mater Investments made three acquisitions: Damaraland Lodge, Toshari Lodge, and The Windhoek Luxury Suites.
- Gondwana Collection Namibia acquired Abenteuer Afrika Safari, expanding its +20 asset portfolio.
- Ultimate Safaris acquired Hotel Eberwein Garni, expanding its +6 asset portfolio.
- Namibia Expeditions Spain acquired Namibia Exclusive Safaris, which operates Xaudum Lodge, Omatendeka Lodge, Sheya Shuushona Lodge and Sorris-Sorris Lodge.
- +6 transactions involved management buy-outs or individual investors acquiring lodge and hospitality assets across Etosha, Damaraland, and the coast.
The second profile is conservation capital:
- Ongava Conservation Holdings LLC (US) acquired Ongava Game Reserve on the Etosha boundary, and N/a‘an ku sê Foundation acquired Omatassu.
Roll-up strategies, although popular in other markets, have been rare in Namibia. However, the tourism sector has embraced this form of growth by acquisition.
2. Domestic Conglomerates Account for the Majority of Strategic Deal Volume
The most active acquirers are domestically-owned conglomerates. The M&A pattern is cross-sector diversification rather than single-sector consolidation. O&L was active across property management, solar energy, and tourism. Indongo was active across automotive, fuel distribution, and property.
O&L Group completed three acquisitions:
- Broll Namibia (acquiring the remaining 49.9% from Broll Property Group SA to become sole shareholder of the property management joint venture),
- OLC Arandis Solar Energy (a 3.84MW solar PV plant at Arandis), and
- Nedbel Investments (a tourism asset that holds Le Mirage Resort and Divava Okavango Lodge).
Frans Indongo Group completed three acquisitions:
- Bachmus Oil and Fuel Supplies (fuel distribution and retail),
- Direct Auto Close Corporation (automotive), and
- a commercial property purchase in Otjiwarongo.
This concentration of control amongst domestically owned conglomerates will likely shape future M&A opportunities and exit partnerships.
3. Industrial Demand Anchors Green Energy Transactions
Six green energy transactions were concluded, majority of which are linked to industrial operations, like mining, instead of retail demand. This trend reveals where majority of new energy demand in Namibia is stemming from. The transactions are:
- Appian/ANR Solar (UK) acquiring Rosh Pinah Solar Park,
- IBC Solar AG (Germany) acquiring SWSA Holdings and Solar World Namibia,
- Sedgeley Solar Group (SADC) consolidating its Namibian project entities,
- Equitus Investments acquiring Alten Solar Power Hardap,
- H2 Infra NV (Belgium) acquiring O&L’s 51% controlling stake in Cleanergy Solutions Namibia, and
- O&L acquiring OLC Arandis Solar Energy.
Rosh Pinah Solar serves the Rosh Pinah zinc mine, Alten Solar Power Hardap is near southern agri-industrial demand, Cleanergy Solutions is an integrated green hydrogen producer, and Arandis serves the uranium mining belt.
4. Pepkor Expands Retail Dominance
Between November 2024 and October 2025, Pepkor Holdings Limited executed three acquisitions in the Namibian retail market through its local operating entities. The acquisitions extend Pepkor’s footprint into new market segments that previously represented competitive alternatives and strengthens its dominance in the market.
- Pep Stores (Namibia) acquired Big Daddy Clothing (24 stores, fashion apparel) in November 2024.
- JD Financial Services (Namibia) acquired the OK Furniture retail segment and debtors book from OK Bazaars Namibia in December 2024.
- Pepkor Speciality Namibia acquired Swagga, Beaver Canoe, Style and Legit in May 2025.
The Pepkor Namibia portfolio now spans value clothing (Pep, Ackermans), branded fashion (Legit, Swagga/Beaver Canoe, Style, Big Daddy), footwear (Tekkie Town, Shoe City), furniture and appliances (OK Furniture, HiFi Corp, Incredible, Sleepmasters), and consumer credit (Tenacity).
Conclusion
In conclusion, a handful of sectors and players have driven M&A activity in Namibia over the last 2 years. These insights should inform investment strategy formulation as it pertains to sector selection, growth plans, and exit partnerships. The active sectors mentioned in this article present proven opportunities to participate in liquid sub-markets, but they also present competition. Fragmented sectors with muted M&A activity, but strong fundamentals, present untouched opportunities to replicate the consolidation witnessed in tourism, retail, and other sectors.
* Zach Kauraisa is the Head of Advisory at Eos Capital
