NAIROBI, Kenya – The Competition Authority of Kenya (CAK) on Tuesday, November 18, 2025, announced its unconditional approval for the acquisition of Mace Consult Holding Limited by Consult Bidco Limited, a special purpose vehicle ultimately controlled by The Goldman Sachs Group, Inc., a global financial services powerhouse listed on the New York Stock Exchange.

The transaction, which cleared a mandatory regulatory review, marks a significant entry by one of the world's largest investment banks into Kenya's vibrant project management and construction consultancy sector. The move is expected to inject significant financial muscle and global expertise into the local market, potentially reshaping the competitive landscape for infrastructure and real estate development across East Africa.

In its determination, the CAK stated the deal is "unlikely to lead to a substantial prevention or lessening of competition" and raised no negative public interest concerns. The acquisition involves Consult Bidco taking over the entire issued share capital of Mace Consult Holdings, which in Kenya operates through Mace Management Services Limited and Mace YMR LLP.

Regulatory Framework and Market Analysis

The transaction was subject to a full merger review because the combined turnover of the entities exceeded the Sh1 billion threshold mandated by the Competition Act No. 12 of 2010 and the Competition (General) Rules, 2019. Under these regulations, the CAK is required to assess potential impacts on the market and public interest before granting approval. The authority typically has up to 60 days to make a determination after receiving a complete merger notification.

The CAK identified the relevant market as project management consultancy services on a nationwide scope, given the target firm's diverse client base across Kenya. The sector is a critical enabler for Kenya's Vision 2030 development blueprint, which heavily relies on large-scale infrastructure projects.

The authority noted the market is characterized by robust competition from a mix of local small and medium-sized enterprises and established global players. Key competitors listed in the initial filing include Turner & Townsend, AECOM, WSP, Deloitte East Africa, KPMG Kenya, Arcadis, and Mott MacDonald, ensuring that the entry of Goldman Sachs through Mace would not create a dominant player.

Profiles of the Merging Entities

The acquirer, Consult Bidco Ltd., was incorporated specifically for this transaction and is controlled by The Goldman Sachs Group, Inc. Founded in 1869, Goldman Sachs is a leading American multinational investment bank with total assets exceeding US$1.6 trillion as of 2024. Its services span investment banking, asset management, and wealth management for a diverse global clientele. This acquisition represents a strategic financial investment aimed at leveraging operational efficiencies to accelerate Mace Consult's growth as a standalone business.

The target, Mace Consult Holding Limited, is part of the UK-headquartered Mace Group, a global construction and consultancy firm with operations in over 70 countries and a turnover of approximately £2 billion. Mace established its presence in Kenya in 2017 through a partnership with the local firm YMR, combining international expertise with deep local market knowledge. The Kenyan entity, Mace YMR, has been involved in several high-profile projects in the region, including the Global Trade Centre in Nairobi, the Hub Karen, Two Rivers Mall, King Faisal Hospital in Kigali, and Arena Mall in Kampala. This portfolio highlights the firm's significant role in shaping East Africa's urban landscape.

Implications for Kenya and East Africa

The entry of a financial behemoth like Goldman Sachs into Kenya's construction consultancy market is a significant vote of confidence in the region's economic prospects and long-term growth potential. The backing is expected to provide Mace with the capital to compete for larger and more complex projects, both public and private, across East Africa.

The move could also trigger further consolidation and foreign direct investment in the sector, as international players seek to capitalize on the region's ongoing infrastructure development boom. For Kenyan consumers and businesses, the heightened competition could lead to more innovative, efficient, and cost-effective project delivery. The CAK's approval, based on the assessment that the deal will not harm local competition or public interest, paves the way for a new chapter in one of Kenya's most critical economic sectors.