Beni Mellal – Morocco recorded nearly 100 mergers and acquisitions transactions in 2025, a rise of approximately 65% compared to 2024, according to a report by law firm Herbert Smith Freehills (HSF) Kramer law firm published on February 12.
Mergers and acquisitions, commonly known as M&A, refer to strategic transactions in which companies combine, buy, or restructure to grow, diversify, or consolidate market power. A merger unites two companies into one, while an acquisition involves one company purchasing another’s assets or shares.
The figures place Morocco behind Africa’s three largest M&A markets – South Africa, Egypt, and Kenya – but confirm the North African kingdom’s growing role as a transactional hub on the continent.
South Africa leads in deal value, accounting for 35% of total recorded transactions across Africa. Kenya and Egypt follow with roughly 20% and 15% respectively. In terms of volume, Egypt topped the continent with over 200 deals in 2025, just ahead of South Africa’s near-200.
Morocco’s near-100 deals represent one of the sharpest year-on-year growth rates among tracked markets.
The report, titled “Africa – Holding Firm,” notes that overall M&A activity across the continent remained strong in 2025. Inbound deal value – acquisitions of African companies by foreign investors – rose over 40% from 2024. Outbound deals, involving African companies acquiring abroad, surged nearly 85% in value, despite a slight drop in transaction numbers.
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Switzerland led foreign investors by value, committing $3.4 billion across six deals, followed by Japan with $3 billion across eight transactions and the United Kingdom with $2.7 billion across 35 deals. The United States was the most active by volume, participating in 50 transactions, while France contributed $300.61 million through 25 deals.
By sector, consumer goods dominated both in volume and value, driven largely by Coca-Cola HBC AG’s $2.6 billion acquisition of Coca-Cola Beverages South Africa. Energy ranked second in deal value, with notable transactions including Vitol’s $1.65 billion acquisition of a 30% stake in Eni’s Baleine project in Côte d’Ivoire.
The report acknowledges that “worldwide geopolitical uncertainty and its economic effects” continued to weigh on deal activity, alongside rising interest rates that made acquisition financing more expensive. Intra-African deals declined in value due to fewer large transactions, though overall volume remained broadly flat with 2024.
Despite those pressures, HSF Kramer concludes that “the relatively stable inbound M&A activity, in terms of value and number of deals, evidence investors’ trust in the Africa market.”
The firm expects activity to remain strong in 2026, noting Africa’s position as “a relatively neutral area for critical minerals and energy exports to the US, Europe and Asia.”