Africa’s mergers & acquisitions landscape continues to evolve in 2025, shaped by shifting global trade flows and increasingly selective investor strategies. While dealmaking across the continent softened, one story stands out: Mauritius has emerged as Africa’s top market for M&A deal value in the first nine months of 2025, overtaking Nigeria — a remarkable shift highlighted in the latest DealMakers AFRICA Q3 2025 report.
Across the continent (excluding South Africa), deal value reached US$6.85 billion, down 6% year-on-year, with 259 transactions recorded. This follows a 10% decline in 2024, reflecting the pressures of global volatility and tighter liquidity.
West Africa remained the most active region with 78 deals (including 45 in Nigeria), followed by North Africa with 67 and East Africa with 63. Yet volume alone tells only part of the story.
Despite recording just six transactions, Mauritius posted US$1.25 billion in deal value — a stunning 311.3% year-on-year increase from just US$38.9 million. This marks the country’s highest performance in three years and positions Mauritius well ahead of larger markets in terms of value generation.
Nigeria, by contrast, experienced a steep decline: from US$3.8 billion last year to US$987.5 million, despite significantly higher deal volume.
Mauritius’ outperformance was driven by two major June transactions:
Together, these deals underscore the island’s growing relevance as a center for cross-border capital formation, corporate restructuring and regional consolidation.
Mauritius has transformed into one of Africa’s most sophisticated and credible international financial centres.
Its strengths include:
The Economic Development Board notes that Mauritius hosts 450+ private equity funds managing nearly US$40 billion in assets, spread across infrastructure, renewable energy, telecoms, agriculture, logistics, financial services and fintech.
This concentration of capital, talent and governance has enabled the island to serve as a stable launchpad for investments into higher-volatility African markets.
The jurisdiction has also undergone major regulatory and structural reforms, including adjustments to the Double Taxation Avoidance Agreement (DTAA) with India and the transition from GBL2 companies to the Authorised Company regime. These changes required adaptation from the financial sector, but they also strengthened the island’s long-term competitiveness and alignment with global standards.
Industry leaders emphasise that the key going forward is innovation, technology adoption and strategic execution, all of which remain central to Mauritius’ long-term positioning as a gateway for global capital into Africa.
Mauritius’ economic stability reinforces its appeal.
The World Bank reports national GDP at US$14.95 billion in 2024, up from US$14.1 billion, with poverty projected to fall from 13% to 11% by 2027. Public debt is expected to decline from 87% of GDP in 2024 to 82% by 2027.
For global investors seeking predictability in an uncertain environment, Mauritius delivers precisely that.
While African deal value has contracted, large-scale activity continues in strategic sectors.
Mining dominated the top 10 transactions, led by Vitol’s US$1.65 billion acquisition of stakes in Côte d’Ivoire’s Baleine project and Congo’s LNG project — the continent’s largest deal this year.
General Corporate Finance activity fell sharply to 64 transactions worth US$2.2 billion, down from US$10.4 billion in 2024. Yet landmark innovations still emerged — such as Sun King’s US$156 million securitisation, the largest majority commercial-bank-backed deal of its kind in sub-Saharan Africa outside South Africa.
According to BCG, African M&A deal value fell 24% year-on-year, with transactions targeting African companies down 46%, contrasting with a 10% global increase.
Yet as DealMakers’ Editor Marylou Greig highlights, long-term fundamentals remain positive: Africa has one of the world’s fastest-growing working-age populations, rapid digital adoption, and rising private equity appetite for technology-driven scale-ups.
As dealmaking grows more complex and multi-market, frictionless cross-border payment infrastructure becomes essential. Investors and operators need:
Mauritius, already a preferred entry point for international capital, is positioned to become the continent’s most efficient financial railhead — ensuring capital moves as seamlessly as corporate strategies evolve.
At MAGMA, we see this transformation in real time. As capital movements accelerate across Africa — from acquisitions and exits to growth financing and regional scale-ups — modern, transparent and compliant payment infrastructure is critical to unlocking value.
Africa’s next chapter of investment has already begun. Mauritius is not just participating — it is leading.
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