Acquiring Undertaking:	CFAO Healthcare Société Anonyme	Date Received:	Wednesday, 25 Feb 2026
Target Undertaking:	Nampharm (Proprietary) Limited	Determination:
Type of Merger:	Horizontal	Analyst:	Tumuzera Kiewiet

Description of Activities

Description of transaction: The proposed transaction involves the acquisition by CFAO Healthcare Société Anonyme (“CFAO Healthcare”) of the controlling interest in Nampharm (Proprietary) Limited (“Nampharm”). 

Acquiring group: The primary acquiring undertaking is CFAO Healthcare, a pharmaceutical logistics and healthcare solutions company incorporated in France. CFAO Healthcare supplies wholesaler-distributors into over 24 countries in Sub- Saharan Africa and six French overseas territories, specialising in cold chain logistics to ensure the pharmaceutical products are kept in an optimal environment throughout the logistics chain, from the warehouse to the pharmacy shelves. CFAO Healthcare is also involved in the manufacturing of medicines and healthcare innovation, and it is licensed to manufacture in several countries. CFAO Healthcare does not control any enterprises incorporated in Namibia. CFAO Healthcare controls CFAO Healthcare South Africa Proprietary Limited and E.P.DIS France; they distribute pharmaceutical products to various countries in Sub-Saharan Africa, including Namibia.  The CFAO Group is also active in Namibia through its mobility division. Its activities in this regard include the provision of vehicle rental services through CFAO Motors Rental (Namibia) (Proprietary) Limited and CFAO Motors Shuttle Service (Namibia) (Proprietary) Limited, trading as Hertz (“Hertz Namibia”), as well as the provision of material handling and warehousing equipment through CFAO Equipment. 

Target undertaking: The primary target undertaking is Nampharm, which is a licensed pharmaceutical wholesaler and distributor supplying pharmaceutical, consumer healthcare, and clinical and surgical products to private and public healthcare facilities in Namibia. Nampharm operates as a full-line pharmaceutical wholesaler and distributor, offering a wide range of products, including medicines, consumer goods, surgical equipment, clinical supplies, and dental products. References to Nampharm include all undertakings directly or indirectly controlled by Nampharm.

Relevant market: The merging parties submit that the relevant market is the wholesale and distribution of pharmaceutical products in Namibia. 

Merger Determination

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