CAMEROON Law and Practice Contributed by: Lynda Amadagana, Elise Ngo Nyobe, Victorine Epee-Vallet and Cecile Bella, Amadagana & Partners
1. Trends 1.1 M&A Market
2. Overview of Regulatory Field 2.1 Acquiring a Company In Cameroon, a company can be acquired by various legal and technical procedures that have remained unchanged to date, each chosen on the basis of the acquirer’s strategic objectives and the characteristics of the target. The main methods include the acquisition of shares or assets, mergers, capital increases and progres - sive equity investments. 2.2 Primary Regulators On competition and antitrust issues, there are community regulators, such as the Commis - sion of the Economic and Monetary Community of Central Africa (CEMAC) and its Competition Council at CEMAC level, the CEMAC Banking Commission and the CIMA Regional Insurance Supervisory Commission. Then there are the national authorities, such as the Ministry of Trade and the National Investment Agency, which examine the regulatory aspects of transactions, particularly where foreign investment is involved, and issue the necessary authorisations. Finally, there are national regulators such as the National Competition Commission (CNC) at national level and sector regulators (energy, banking, telecoms, etc) such as ARSEL for the energy sector, which are specialised bodies that intervene to ensure that transactions comply with the standards specific to these sectors, in order to ensure their stability and good govern - ance. 2.3 Restrictions on Foreign Investments There are no restrictions, but rather requirements for compliance with the specific obligations to each sector of activity. These obligations have remained unchanged since 2023 and 2024, in particular, the following are noted:
Compared with the previous 12 months, the M&A market in Cameroon, although uncertain in view of the fluctuations in international mar - kets, is showing constant resilience and growing dynamism. This dynamism is reflected in a concentration of efforts and negotiations on high visibility deals underway in key sectors such as: • the energy sector with the acquisition of Energy of Cameroon S.A by the State of Cameroon; • the banking sector, with the acquisition of Société Générale Cameroun, which reflects a commitment to consolidating the country’s financial services offering; and • the agri-food sector, with the acquisition of Moulins Somdiaa by CADYST GROUP. 1.2 Key Trends The top trends that have emerged in the M&A market in Cameroon reflect technological devel - opments and the economic challenges to date. 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 pref - erence for majority stakes, enabling better inte - gration and closer control following transactions. 1.3 Key Industries The key industries that have experienced sig - nificant M&A activity are relatively the same as in 2023 and 2024, including energy and utilities, banking and finance, food and beverages, tel - ecommunications and technology.
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