The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | JULIUS BUSINGE | The COMESA Competition Commission has formally opened an inquiry into the proposed acquisition of Cold Solutions East Africa Holdings Limited by Inspired Evolution Managers Limited, setting in motion a regional regulatory review of the transaction under the bloc’s competition rules.
In a Merger Inquiry Notice dated November 27, 2025, published today (Dec.2), the Commission said it had received a notification in accordance with Article 24 of the COMESA Competition Regulations and would now proceed with a detailed inquiry under Article 26 to determine whether the deal could substantially lessen competition within the Common Market or run contrary to public interest.
The proposed transaction involves the acquisition of a 21.6 per cent shareholding in Cold Solutions East Africa Holdings Limited, also referred to in the notice as CSEAHL or the Target, by the Evolution III Fund, which is represented by Evolution III GP Limited and managed by Inspired Evolution. The acquiring group is described as a pan-African, impact-focused investor with interests in sustainable infrastructure and climate-resilient investments, operating in Burundi, Kenya, Mauritius, Uganda and Zimbabwe.
Cold Solutions East Africa, on the other hand, is engaged in the development and operation of large-scale, energy-efficient cold storage and logistics facilities across key markets in East Africa, including Kenya, Mauritius, Rwanda and Uganda. The companies argue that the rationale for the acquisition is to raise investment to expand access to reliable cold chain infrastructure, strengthen regional trade, generate jobs and support long-term economic growth.
As part of the inquiry process, the Commission has invited all interested stakeholders, including competitors, suppliers and customers of the parties to the proposed transaction, to submit written representations on the matter.
“If you wish to seek further details and/or clarifications on any aspect of this proposed transaction or need assistance, you may get in touch with Ms. Sunjida Bundhun, Principal Analyst, Competition Division,” the notice reads.
Bundhun further assured stakeholders that all submissions will be treated under the strictest confidentiality and used solely for the purpose of the inquiry.
According to the notice, all written representations must be submitted to the Commission by December 18, 2025.
The inquiry is a significant step in COMESA’s efforts to ensure that cross-border mergers and acquisitions do not undermine fair competition or disadvantage consumers in the 21-member regional economic bloc, particularly in sectors that are increasingly critical to food security and agricultural value chains, such as cold storage and logistics.
The outcome of the review will determine whether the transaction can proceed as planned, be approved with conditions, or be blocked in the interest of competition and the wider public good.
