Africa’s Corporate Giants Buy Their Way to Scale as M&A Overtakes Organic Growth

Corporate titans from across Africa are rapidly expanding their reach through a surge in mergers and acquisitions (M&A), opting for this route over traditional organic growth. In 2018, these top 30 African companies operated in an average of 16 African countries, more than double the 8 countries they occupied in 2008, according to the Boston Consulting Group (BCG).

The value of deals in Africa saw a 36 percent increase in the first nine months of 2024 compared to the same period in 2023, despite the number of deals remaining unchanged. DealMakers Africa recorded 1,377 transactions in 2024, marking an 11.5 percent rise from the previous year, with corporate entities accounting for over half of these transactions.

South Africa emerged as the continent's M&A hub in 2025, contributing 35 percent of total deal value, followed by Kenya and Egypt at roughly 20 percent and 15 percent, respectively. South African businesses acquired Sh413 billion (approximately US$3.19 billion) in Kenyan blue-chip companies, including transactions involving Absa, Vodacom, and Nedbank.

The technology sector in Africa is also experiencing a surge in acquisitions, with a 69 percent increase from 39 deals in 2024 to 66 in 2025, driven by the need to obtain regulatory licenses and expand rapidly. As scale becomes the key competitive advantage, African giants are choosing to purchase growth through acquisitions, minority stakes, and cross-border mergers, bypassing the slower path of organic expansion.