Merger means the acquisition of shares, business or other assets whether inside or outside the Community resulting in the change of control of a business as provided in section 2 of the EAC Competition Act, 2006 (the Act).
According to section 11 of the Act, all mergers that have cross-border effect are notifiable - brought to the attention of the Authority. Mergers with cross border effect are those where both the acquiring firm and the target firm or either the acquiring firm or target firm operate in two or more EAC Partner States. The notification should be made promptly upon the conclusion of the agreement in respect of the merger or acquisition.
The notification should be made by the undertaking acquiring control through a merger or acquisition.
The undertaking completing the notification is responsible for the correct and accurate information it provides.
Any notifiable merger or acquisition carried out without notifying the Authority shall have no legal effect and shall be void.