Heritour to acquire Tanzania luxury tour operator
The Bahamas incorporated Heritour Limited has announced its intention to acquire Abercrombie & Kent Group of Companies- SA, a company incorporated in Caymans Island, which operates in Tanzania through its subsidiary Abercrombie & Kent (Tanzania) Limited.
Abercrombie & Kent Group of Companies S.A. was founded in 1992 and is based in Luxembourg City, Luxembourg. As of October 2, 2017, it operates as a subsidiary of Neo Dynasty Limited. The Fair Competition Commission (FCC) issued a public notice last week, stating that it has received a merger notification from the firms.
The Target Firm carries on the business of providing lodging and camping services and operating luxury tour packages in the tourism sector in Tanzania. “FCC is currently investigating the intended acquisition in line with the provisions of the Fair Competition Act No. 8 of 2003 and the Competition Rules, 2018,” FCC noted.
The acquiring company is incorporated in the Bahamas and is a Special Purpose Vehicle Company, which was formed purposely to hold shares that will be acquired from the target firm.
It is controlled by Heritage Group S.A, a Swiss company, which operates in the cruising and real estate sector.
“Pursuant to Share Purchase Agreement entered into and signed by merging parties, Acquiring Firm will acquire entire shares of the Target Firm,” says FCC in its announcement.
The FCC is an independent statutory body established under the Fair Competition Act No. 8 of 2003 (FCA) with the objective of enhancing the welfare of the people of Tanzania by promoting and protecting effective competition in markets and preventing unfair and misleading market conduct throughout the Mainland.
Under the same Act, the FCC has powers to investigate, inter alia, entry into and exit from markets. Source: The Citizen