Kenya: Takeover of perishables forwarders to go ahead, with conditions
The Competition Authority of Kenya has approved the acquisition of Air Connection by Panalpina Airflo Ltd, Panalpina Airflo BV and Panalpina Kenya Ltd, but ordered the acquirers to retain at least 95% of the employees of Air Connection for at least one year after the transaction's completion date.
The competition authority has imposed a similar condition on K+N’s takeover of Trillvane Ltd, again stating that the purchasers “shall retain employees of the Trillvane for at least one year after the date of completion of the transaction”.
Switzerland-headquartered Panalpina announced the Air Connection proposed takeover, subject to conditions, in May this year.
The deal came two years after Panalpina increased its presence in Kenyan flower logistics by acquiring perishables specialist Airflo, Kenya’s second largest airfreight forwarder, and only two weeks after Panalpina formally announced the launch of its global Perishables Network.
Read more at Air Cargo News
