Mergers, Markets & a New Mandate: Zimbabwe’s Competition Regulator in Conversation with Primerio

In this blog post for African Antitrust, authors Megan Armstrong & Amy Shellard (Primerio) discuss insights from the latest session of Primerio’s African Antitrust Agencies – in Conversation series, held on 5 June 2025. The event featured Joshua Eveleigh (Primerio), Carole Bamu (Primerio’s Zimbabwe lead), and Calistar Dzenga, Head of Mergers at the Zimbabwe Competition and Tariff Commission (CTC). Their discussion provided a detailed overview of Zimbabwe’s evolving merger control regime, recent enforcement trends, and upcoming legal reforms. It highlighted how Zimbabwe is stepping up regulatory scrutiny, particularly as cross-border and foreign-to-foreign mergers gain prominence in the region.

Dzenga explained that Zimbabwe’s Competition Act requires notification for mergers exceeding USD 1.2 million in combined turnover or assets, even when the transaction occurs outside the country but affects the local market. The review process includes fee payments (capped at USD 40,000), followed by in-depth market analysis and consultations. Mergers are categorized by size—“small” deals can be processed in 30 days, while larger or more complex cases may take up to 120 days. While the Commission uses tools like the Herfindahl-Hirschman Index (HHI), its assessments prioritize market dynamics such as entry barriers, buyer power, and historical collusion, with a notable integration of public interest concerns into the competition analysis.

Public interest elements—especially employment and local industry development—play a significant role in merger assessments. Conditions frequently include mandates to retain junior staff for two years and to prioritize domestic procurement. Broader industrial policy goals, such as requiring mineral beneficiation in sectors like lithium, also influence decisions. One high-profile example was CBZ Holdings’ proposed acquisition of ZB Financial Holdings. Concerns over market dominance and reduced consumer choice led the CTC to propose strict conditions, including divestitures and brand separation. The deal ultimately collapsed, signaling the Commission’s willingness to block transactions that don’t meet its competition and public interest thresholds…

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