MBABANE – The Eswatini Competition Commission (ESCC) concluded a busy third quarter for the 2025/26 financial year, approving several high-profile mergers between September and December 2025.
These approvals, ranging from large-scale agricultural acquisitions to international banking integrations, signal a period of significant consolidation and strategic investment within the Eswatini economy. In one of the most consequential deals of the quarter, the Eswatini Competition Commission approved the acquisition of Tambuti Estate from United Plantations Swaziland (UPS) by the Public Service Pensions Fund (PSPF). The transaction was notified to the commission on October 14, 2025, and received formal determination from the Technical Committee on December 18, 2025.
The PSPF, a defined benefit fund established for civil servants, manages pensions through contributions and investment yields. Tambuti Estate, located in the Lubombo Region, is a major producer of sugar cane, citrus fruits and bananas.
The commission’s secretariat identified a direct horizontal overlap in the sugar cane production market. Prior to the merger, the PSPF, through its ownership of Tambankulu, already controlled approximately 5.8 per cent of national sugar cane production.
Tambuti Estate contributes approximately 1.2 per cent to the national total. Following the merger, the PSPF’s total market share in sugar cane production rises to approximately 7 per cent.
While the commission found no immediate unilateral effects that would harm competition, it expressed concerns regarding the delicate balance of power between growers and millers. To mitigate the risk of future imbalances, the Technical Committee approved the merger with a specific condition:
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Boland Mountains Subco acquires CloudBadger Technologies
MBABANE – In the technology sector, the Commission approved the 100 per cent acquisition of CloudBadger Technologies (Proprietary) Limited by Boland Mountains Subco Limited, a subsidiary of Pepkor Holdings.
CloudBadger provides a sophisticated banking software suite and Digital Financial Services (DFS) through a modular Platform-as-a-Service (PaaS) model. In Eswatini, its services are currently utilised by a single customer.
The commission defined the relevant market as the provision of DFS through Modular PaaS in Eswatini.
The technical committee concluded on October 14, 2025, that the merger would not change the market structure or create horizontal overlaps. Importantly, the deal was seen as a way to ensure the continued availability of essential digital financial services within the country.
Meanwhile, the Eswatini Competition Commission also played a role in an international financial integration, approving the South African Reserve Bank’s (SARB) acquisition of a 50 per cent shareholding in South African Bankers Services Company (BankservAfrica) on October 14, 2025.
While neither entity has a physical presence in Eswatini, both derive revenue from the jurisdiction through critical financial infrastructure.
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Pepkor secures ‘Legit’ & ‘Style’ brands
MBABANE – The Eswatini Competition Commission further gave the greenlight to Pepkor Speciality Stores Swaziland and Pep Stores Swaziland to acquire the Legit and Style brands from Retailability Swaziland.
The Legit brand currently operates three stores across Eswatini specialising in women’s apparel, while ‘Style’ has five stores nationwide offering clothing for men, women and children.
Both Pepkor and the target brands operate in the same market, creating a horizontal overlap in apparel retailing.
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