Decision: ACQUISITION BY AXIAN ENERGY GREEN LTD OF 55% OF THE SHARES HELD BY AMOS HOLDING INTERNATIONAL IN AFRICA VIA

Published On - October 10, 2025

Registry ERCA Compendium of Decisions

DECISION No. EC/D.13/10/25 OF THE COUNCIL OF THE ECOWAS REGIONAL COMPETITION AUTHORITY RELATING TO THE ACQUISITION BY AXIAN ENERGY GREEN LTD OF 55% OF THE SHARES HELD BY AMOS HOLDING INTERNATIONAL IN AFRICA VIA

 The Council of the ECOWAS Regional Competition Authority,

MINDFUL of Supplementary Act A/SA.1/12/08 adopting Community Competition Rules and the modalities of their application within ECOWAS;

MINDFUL of Supplementary Act A/SA.2/12/08 on the establishment, functions and operation of the ECOWAS Regional Competition Authority;

MINDFUL of Supplementary Act A/SA.3/12/21 amending Supplementary Act A/SA.2/12/08 on the establishment, powers and functioning of the ECOWAS Regional Competition Authority;

MINDFUL of Regulation C/REG.21/12/21 on the powers and composition of the Council of the ECOWAS Regional Competition Authority;

MINDFUL of Regulation C/REG.23/12/21 on the rules of procedure for mergers and acquisitions in ECOWAS;

MINDFUL of Regulation C/REG.24/12/21 on the ERCA’s rules of procedure in competition matters;

MINDFUL of Enabling Rule PC/REX.1/01/24 on the Procedural Manuals of the ECOWAS Regional Competition Authority relating to its Council, in its Article 12 (3.d);

MINDFUL of the joint notification submitted by Axian Energy Green Ltd dated 12 August 2025, registered under number 1924;

HAVING HEARD the Secretary of the Council during its session of 3rd October 2025 on the facts, procedures, and findings of the transaction evaluation;

 

CONSIDERING THE FOLLOWING:

I. FACTS AND PROCEDURE

I.1 The Notification

By letter dated 12 August 2025, alongside with the case file documents duly registered, Axian Energy Green Ltd (“Axian”) submitted to the ECOWAS Regional Competition Authority (ERCA) a notification concerning the acquisition of 55% of the shares held by Amos Holding International in Africa Via.

In accordance with Regulation C/REG.23/12/21, Enabling Rule PC/REX.1/01/24, and ERCA Merger Guidelines, the file was reviewed for ensuring completeness and registered under number 1924. The notification was published in the ECOWAS Official Journal (Volume 7, August 2025), on ERCA website, and in the concerned Member States (28 August 2025).

I.2. The acquisition operation

The transaction concerns the transfer of 55% of the shares held by Amos Holding International in Africa Via to Axian. Upon completion of the transaction, Axian will have exclusive control of Africa Via, with Amos Holding International remaining a minority shareholder holding 45% but without substantive veto rights.

I.3. The parties to the transaction

Axian Energy Green Ltd is a Mauritian company, a subsidiary of Axian Energy, active in the energy sector in West Africa, particularly in Senegal (oil distribution, electricity generation, and renewable energy projects).

Africa Via is an Ivorian company whose main asset is a 51% stake in Kong Solaire SAS, a project company responsible for the development of a 50 MW photovoltaic power plant in Kong (Côte d’Ivoire).

Amos Holding International is an investment holding company disposing of its majority stake.

II. COMPETITIVE ASSESSMENT

II.1. Jurisdiction of ERCA

a. Material scope: the operation constitutes a concentration within the meaning of Article 2 of Regulation C/REG.23/12/21.

b. Territorial scope: the activities concern Côte d’Ivoire and Senegal, both ECOWAS Member States, thereby justifying the jurisdiction of ERCA.

c. Turnover thresholds: the Community notification thresholds are met in light of Axian Energy’s consolidated turnover.

II.2. Relevant market

a. Product market: the market for the production and supply of photovoltaic solar electricity. A related market may also be identified in the development and operation of photovoltaic plants (construction, maintenance, and management).

b. Geographic market: essentially national (Senegal and Côte d’Ivoire), but with a regional dimension linked to the growing interconnection through the West African Power Pool (WAPP).

II.3. Market structure and competitive dynamics

The solar energy market in West Africa remains fragmented. While the merger will lead to Axian acquiring significant market share in Cote d’Ivoire through the soon-to-be commissioned 50 MW project, the impact on the overall regional market is insignificant. Furthermore, the renewable energy outlook for the region shows an aggressive drive to develop and commission more capacity in various Member States.

II.4. Competitive effects

a. Pro-competitive effects: the transaction will strengthen Africa Via’s financial and technological capacity, accelerate the deployment of solar projects, and promote renewable access and regional energy integration.

b. Potential risks: the expected commissioning of the 50MW project will likely make Axian the dominant firm in the market for on-grid renewable energy in Côte d’Ivoire. However, compared to the overall on-grid energy market in Côte d’Ivoire, Axian’s market share will be insignificant.

II.5. Views of third parties

a. Competitors: generally positive opinions, while calling for vigilance regarding the evolution of concentration levels in Cote d’Ivoire.

b. Consumers and users: strong expectations for improved energy access, price stability, quality of service and innovation.

III. LEGAL ASSESSMENT

III.1. Legal basis

The applicable rules derive from Supplementary Act A/SA.1/12/08, Regulation C/REG.23/12/21 on mergers and acquisitions, as well as the Enabling Rule on notification thresholds in mergers and acquisitions.

III.2. Legal qualification

The transaction constitutes an acquisition of exclusive control within the meaning of ECOWAS competition law.

III.3. Compatibility with the common market

The transaction does not create a dominant position in the regional energy market and does not significantly impede competition. It is consistent with the Community objectives of energy transition and sustainable development.

CONSEQUENTLY: The Council endorses the assessment of the Secretariat, which concludes that the notified transaction does not pose a risk to competition or consumer welfare, and

 DECIDES

Article 1 – Approval

The acquisition of 55% of the shares held by Amos Holding International in Africa Via by Axian is hereby approved unconditionally.

Article 2 – Post-Transaction Monitoring

2.1. The Executive Directorate of ERCA shall monitor the post-transaction phase to ensure that the new entity’s business strategy remains consistent with the principles of free competition in the region.

2.2. ERCA shall ensure that the post-acquisition entity complies with the community competition rules and contributes to regional energy market integration.

Article 3 – Entry into Force, Notification and Publication

This Decision shall enter into force on the date of its signature. It shall be notified to the parties and published in the Official Journal of the Community.

 

 

Done in Accra, this day of 3rd October 2025.

 

FOR THE ERCA COUNCIL

  

Dr. Juliette TWUMASI-ANOKYE

THE CHAIRPERSON