MAURITIUS Trends and Developments Contributed by: Michael Hough and Keshini Soborun, Eversheds Sutherland
A Surge in Deal Activity Between 2025 and early 2026, Mauritius has wit - nessed a noticeable shift in its corporate mergers and acquisitions (M&A) landscape. Described as a gateway for foreign investment into Africa, Mauritius is now experiencing M&A dynamics shaped by global economic trends, regulatory reform in competition law and environmental, social and governance sectors, tax treaty implications and private equity influx. M&A transactions in Mauritius are best understood as a dual market: a relatively small domestic corporate control market (often implemented through schemes of arrangement, takeovers of listed entities and sec - tor‑regulated transfers) alongside cross‑border M&A activity routed through Mauritius’ international finan - cial centre ecosystem. Several developments have marked this period as a transformative phase with emerging impacts from tax regimes, technological change and cross-border regulatory complexity. This article considers the lat - est developments and trends shaping corporate M&A in Mauritius, drawing on notable and sizeable deals completed in 2025, regulatory reforms and initiatives, and market directions for the future. Deal Volume and Foreign Investment Gains One of the most notable developments in 2025 saw Mauritius overtake traditional and stronghold African jurisdictions, known for their attractiveness as foreign investment hubs (ie, Nigeria), in private equity deal val - ue. According to DealMakers Africa, Mauritius record - ed a deal value of USD1.25 billion, a 311.3% year- on-year jump from USD38.9 million in 2024. This was Mauritius’ highest deal value in the last three years, with two notable deals having the largest financial impact. Several transactions have contributed to an increase in M&A in Mauritius, including the following: • merger of Diplomatic Holdings Africa, Verdant Ven - tures and Verdant Property Holdings’ diplomatic housing businesses into a single entity, involving 24,742,277 Grit Real Estate shares and valued at USD839 million; • Tremont Master disposed of 718,990,967 shares (a 56% stake) in Alphamin Resources to Alpha Mining (International Resource Holdings) in a USD367 mil - lion deal;
• acquisition of a 100% stake in Sterling Bank, Bahamas by Induslnd International Holdings Ltd (Mauritius); • acquisition of shares in African Rainbow Capital Investments Ltd by African Rainbow Capital and Ubuntu-Botho Investments – a deal valued at over USD300 million; • acquisition of HSBC’s domestic Wealth and Per - sonal Banking and Business Banking divisions by Absa Bank (Mauritius Limited); • acquisition of a majority stake of 76% in AfrAsia Bank Limited (the fourth-largest commercial bank in Mauritius) by Access Bank UK Limited, a 100% subsidiary of Access Bank Plc; and • corporate reorganisation and scheme of arrange - ment and restructure involving ENL Limited and Roger and Company Limited, resulting in the emer - gence of new listed entities. While the S&P Global noted a significant downturn in deal value in Southern Africa in the first eight months of 2025 compared with the same period in 2024, Mau - ritius accounted for one of the highest private equity deal values in Southern Africa, which suggests resil - ience within the jurisdiction despite a regional slow - down. Furthermore, even though Mauritius attracted relatively few deals as compared to its neighbouring jurisdictions and across the African continent, its concentration in high-value activity suggests investor confidence in select large deals that continue to flow through Mauritius. A few key sectors that are driving this surge in deal value, growth and investment in Mauritius are fintech, renewable energy, real estate and healthcare. The economic benefits of these deals centre around job creation, sector growth, tax revenue and local supply chains. Key implications of the surge include: • growing attractiveness to global investors, par - ticularly in the private equity sphere where larger institutional investors appear confident in deploy - ing significant capital through Mauritian vehicles; • stabilisation of Mauritius’ role as an investment gateway into Africa; and • enhanced confidence in Mauritius’ legal and regu - latory framework and financial services offerings.
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