HABARI DAILY I Kampala, Uganda I Further details have emerged about the planned acquisition of a controlling stake in Nation Media Group (NMG), confirming that the transaction will give Tanzanian media investment firm Taarifa Limited effective control of East Africa’s largest independent media house once regulatory approvals are secured.
The deal follows an agreement by the Aga Khan Fund for Economic Development (AKFED) to sell its indirect stake in the Nairobi-listed publisher, bringing to a close a partnership that has lasted more than six decades.
According to a public notice issued on Tuesday, Taarifa Ltd—owned by Tanzanian businessman Rostam Aziz—will acquire 100 percent of NPRT Holdings Africa Ltd, a holding company that owns 26,818,177 shares in Nation Media Group. The shares represent 54.08 percent of the company’s issued share capital.
The structure of the deal means Taarifa is purchasing the holding company rather than directly acquiring the shares in NMG. However, the arrangement will still give the firm effective control of the regional media conglomerate once the transaction is finalised.
Cross-listed company
Nation Media Group is listed on the Nairobi Securities Exchange and cross-listed on the Uganda Securities Exchange, Rwanda Stock Exchange and the Dar es Salaam Stock Exchange.
Taarifa said it has formally informed regulators that it does not intend to make a takeover offer for the remaining publicly traded shares of Nation Media Group once it gains control.
Under takeover rules in several East African capital markets, investors who acquire a controlling stake in a listed company are typically required to make a mandatory offer to buy out minority shareholders.
To avoid triggering this requirement, Taarifa has applied for exemptions from regulators in Kenya, Tanzania and Uganda. The company argues that the transaction involves the purchase of a holding vehicle rather than a direct acquisition of NMG shares.
Regulatory approvals will be required from several bodies, including Kenya’s Capital Markets Authority, Tanzania’s Capital Markets and Securities Authority and the Capital Markets Authority Uganda, alongside regional competition authorities.
Taarifa said its investment is aimed at strengthening Nation Media Group’s long-term growth strategy, including accelerating digital transformation and expanding the company’s presence across East Africa’s rapidly evolving media market.
East African biggest
“Nation Media Group is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation,” Aziz said in a statement.
Founded in 1959 with support from AKFED, Nation Media Group has grown into one of Africa’s most influential media organisations, operating television, radio, print and digital platforms across Kenya, Uganda, Tanzania and Rwanda.
The transaction marks the end of AKFED’s 66-year association with the media company. The development agency said the sale would allow NMG to accelerate its digital transition and expand its regional footprint under new ownership.
The acquisition is expected to be completed within three to four months, subject to regulatory approvals and other conditions.
However, the ownership change has already sparked debate among journalists and media observers about editorial independence at the regional media powerhouse.
Regional media watchers have expressed their fear that Aziz’s close relationships with regional leaders, including William Ruto and Samia Suluhu Hassan, could create potential conflicts of interest for a newsroom expected to hold those in power accountable.
The deal represents one of the most significant ownership changes in East Africa’s media industry in decades, transferring majority control of the Nairobi-listed publisher to a private investor with business interests spanning energy, mining, telecommunications and media across the region.
