Firm linked to World’s richest Black man acquires Kenya’s oldest tour company

Key Points

• Africa Travel Investments, linked to Aliko Dangote, won approval to acquire Pollman’s Tours and Safaris, signaling rising global interest in Kenya’s tourism sector.
• Kenya’s Competition Authority cleared the deal, saying it will not hurt competition among tour operators, with over 300 players keeping the market open.
• Alterra Capital Partners, backed by Dangote and U.S. billionaires, is expanding in Africa after recent deals like acquiring Java House, Kenya’s top coffee chain.

Africa Travel Investments, a tourism firm linked to Aliko Dangote, the world’s richest Black man, has received approval to acquire Pollman’s Tours and Safaris, Kenya’s oldest tour company. This reflects the growing appeal of Kenya’s tourism sector to international investors.

The Competition Authority of Kenya (CAK) recently gave Africa Travel Investments unconditional approval to buy 100 percent of Pollman’s issued share capital. This deal follows a broader push by Alterra Capital Partners, a private equity fund backed by Dangote and American billionaire David Rubenstein, to expand its footprint across Africa’s booming markets through investments like ARP Africa Travel Group.

Kenya’s CAK clears Pollman’s Tours deal

The CAK said the acquisition is unlikely to hurt competition among Kenya’s tour operators or raise public interest concerns. “This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for tour operators in Kenya, nor elicit negative public interest concerns,” the agency said in a statement.

Pollman’s Tours and Safaris, which has been offering guided safaris and selling travel packages to tour operators around the world, operates in a relatively open market. The CAK pointed out that Kenya’s tour operator market has over 300 active players, meaning no single company holds a dominant position.

“After the transaction, there will be no change in the market share because the buyer and seller are not direct competitors,” the regulator said. “As a result, the structure and concentration of the market for tour operators will remain unaffected.”

Alterra, Phatisa buy Java House Kenya

Dangote’s interest in Kenya’s tourism scene comes after he and U.S. billionaires David Rubenstein and Bill Conway, co-founders of the Carlyle Group, teamed up in 2023 to back Alterra Capital Partners, a fund focused on tapping into Africa’s fast-growing markets. Forbes estimates Dangote’s net worth at $23.2 billion, making him the world’s richest Black man.

Earlier this year, Alterra made headlines again by joining forces with Phatisa Fund Managers 2 Limited to acquire Java House, Kenya’s largest coffee and fast-food chain, from UK-based Actis LLP. Alterra’s team brings more than 100 years of combined private equity experience and has invested over $2 billion in 23 companies across the continent.