CAMEROON Law and Practice Contributed by: Lynda Amadagana, Elise Ngo Nyobe, Kevin Djomgoue and Cecile Bella, Amadagana & Partners
Amadagana & Partners Rue 6103 Golf-Bastos Yaoundé Cameroon Tel: +237 655 22 31 41 Email: contact@amadaganapartners.com Web: www.amadaganapartners.com
1. Trends 1.1 M&A Market
• banking sector, with the Cameroon government’s acquisition of a stake in Société Générale Camer - oun (SGC); • industrial sector, with the government’s planned acquisition of a stake in All Bitumen Cameroon; and • financial sector, with the opening of Microfinance Renaprov S.A’s share capital to the public through its listing on the Central African Stock Exchange (BVMAC). 1.2 Key Trends The top trends that have emerged in the M&A market in Cameroon reflect technological developments and the economic challenges with a marked preference for transactions with high strategic value. Transactions are increasingly characterised by the use of digital tools for due diligence and negotiation. Investors are also paying particular attention to ESG considerations. There is a preference for majority stakes, enabling better integration and closer control following transactions. The sectors leading the way in transactions are consumption (agri-food), energy (oil, mining), banking and infrastructure. 1.3 Key Industries The key industries that have experienced significant M&A activity are relatively the same as in 2024 and 2025, including energy and utilities, banking and finance, food and beverages, telecommunications and technology.
Compared with the previous 12 months, the M&A market in Cameroon, while sensitive to the global rebound and the easing of interest rates, is showing steady resilience and growing dynamism driven by its own reforms. This dynamism is reflected in active policy of acquisi - tions and state equity investments in strategic sectors, alongside the conduct of high-visibility deals by pri - vate operators. This effervescence can be divided into two categories of operations: transactions finalised and transactions in progress. Transactions Finalised (End of 2025) The year 2025 was marked by the conclusion of major transactions that reshaped the economic landscape: • the energy sector with the acquisition of Energy of Cameroon S.A. by the State of Cameroon; • the agri-food sector, with the acquisition of Moulins Somdiaa by Cadyst Group; and • the mining sector, with intense activity in the acquisition of companies (notably Zebra, Rhino Resources, Gorilla Mining, Weaver Resources, etc) by foreign mining groups. Transactions in Progress Several strategic projects are still in the negotiation or finalisation phase:
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