Mergers and Acquisitions in Angola: Foreign Capital Dominates, Credit Remains Scarce, and the Alternative Is Equity

The mergers and acquisitions market in Angola continues to grow in terms of the volume of filings, yet it reveals a clear structural imbalance: foreign capital overwhelmingly dominates major transactions, while small and medium-sized Angolan entrepreneurs face immense difficulties in accessing bank financing.

According to official data from the Competition Regulatory Authority (ARC), 15 concentration filings were submitted in 2025. Of these, 93% involved foreign companies as acquirers. Only one transaction involved domestic capital—the consortium comprising Griner, Cimenfort, and Mercons, which acquired CIF Ciment/Logística. The remaining 14 transactions originated from France, Germany, Oman, Ireland, the United Arab Emirates, the United Kingdom, and Spain. The total value of transactions reviewed by the ARC in 2025 stood at approximately 3.442 trillion kwanzas.

The landscape was similar in 2024: 64% of acquirers were international, and the total value of transactions reached 28.751 trillion kwanzas, driven by larger-scale deals. The oil and mining sectors account for the majority of transactions (27% and 20% in 2025, respectively). Recent examples include the entry of Oman’s Taadeen Investment into Sociedade Mineira de Catoca, transactions by Etu Energias (which has amassed nearly one billion dollars in M&A activity since 2022), the acquisition of assets by Azule Energy, and the Canal+ deal involving MultiChoice.

At the same time, the Privatization Program (PROPRIV) continues to bring strategic assets to market, including Unitel, TAAG, Endiama, BFA (which has already held an IPO), and, eventually, Sonangol. However, the vast majority of these large-scale transactions take place in private settings, involving specialized advisory services and a high degree of confidentiality. The public market (BODIVA) remains marginal for equities, still dominated by public debt securities.