Livingstone Associates, a Kenyan ally firm of Big Four accounting and advisory firm Deloitte, has been acquired by financial services firm Axis, which is based out of Mauritius. The acquisition has been given regulatory clearance by the competition authority of Kenya.
Axis has a pan-African profile, with is base in Mauritius, and additional operations in Seychelles and Kenya. The firm serves a large client pool across Africa in a variety of domains, which fall within the field of corporate and fiduciary services, with an emphasis on technology.
Specifically, the firm’s services span a number of corporate processes, including support with trusts, funds, accounting, intellectual property, foundations and business facilitation. The firm also supports clients with tax planning & structuring, which is an increasingly demanding field across Africa.
As Kenya grows in its profile as an economic centre of East Africa, Axis has increasingly been tapping into the growing economy, looking to capitalise on the substantial foreign investment. The acquisition of Livingstone Associates is the firm’s second in the last four years.
In 2015, the firm acquired Kanyan stock brocking firm Apex Africa Capital for a sum of Sh470 million. The deal represented the biggest acquisition of a market intermediary across the region of East Africa in financial terms. Now, the firm has acquired Deloitte- affiliated firm Livingstone Associates.
Founded in 1991, Livingstone Associates is a Deloitte partnership firm that also has a considerable portfolio of corporate services, including Corporate Secretarial services, support in the Registration & Trustee domain, and a number of others. The firm has a wide base in Kenya, with offices in Nairobi and Mombasa.
Livingstone Associates also has a considerable profile outside of Kenya, with an international presence in Uganda, Tanzania, Ethiopia, Rwanda and Burundi. Axis will now be able to capitalise on this expansive presence, and the competition authority has cleared the acquisition.Source: Consultancy.africa