Who decides how those parks are used, who benefits, and who has a voice?
From the shores of Lake Victoria to the plains of the Serengeti, Tanzania's premium safari landscape has long attracted not only wildlife enthusiasts but the quiet ambitions of global capital. Now, a Swiss investment firm seeks to consolidate full ownership of Asilia Africa's network of lodges and camps — a move that invites Tanzania's regulators to ask an enduring question: when foreign hands hold the keys to a nation's natural heritage, who truly benefits? The Fair Competition Commission has opened a 14-day window for public voices to weigh in, placing the deal at the intersection of conservation, commerce, and sovereignty.
- A Swiss firm incorporated just four years ago is moving to absorb one of Tanzania's most expansive safari lodge networks, spanning iconic parks from the Serengeti to Nyerere — a consolidation of significant scale in a sector central to the country's economy.
- The transaction's undisclosed value and the involvement of high-profile impact investors — including CEOs of major European private equity firms — signal that this is no ordinary acquisition, raising questions about who shapes the future of responsible tourism in East Africa.
- Tanzania's Fair Competition Commission has formally intervened, opening a structured 14-day public comment period to assess whether the deal would concentrate market power or harm workers, guests, suppliers, or competitors.
- The review process is unusually open — any materially affected party, from a camp employee to a rival operator, may file formal objections or supporting evidence, giving the proceeding a democratic texture rare in cross-border investment deals.
- With over 1,000 regional employees and B Corporation-certified operators in the balance, the outcome will test whether regulatory scrutiny can meaningfully mediate between global capital flows and local accountability in Africa's conservation economy.
A Swiss investment firm has set its sights on full ownership of one of Tanzania's most prominent safari lodge operators, prompting a formal regulatory review that will weigh the deal's consequences for competition, workers, and the country's tourism landscape.
A Squared Holding AG, based near Zurich and incorporated in 2021, has announced its intention to acquire complete control of Nawiri Group Limited — a Mauritius-registered holding company that owns Asilia Africa, a network of roughly 15 camps and lodges across Tanzania's most celebrated wildlife destinations. The properties include sites in the Serengeti, Ngorongoro Conservation Area, Tarangire, Ruaha, Nyerere National Parks, Rubondo Island, and Zanzibar. The transaction's financial terms have not been disclosed.
Nawiri Group, formed in 2022 to consolidate responsible travel investments across Sub-Saharan Africa, counts among its current shareholders Norway's development finance institution Norfund, Swiss private banking group LGT, and several private impact investors with ties to major European private equity. Beyond Asilia Africa, Nawiri holds stakes in safari tour operator Go2Africa and travel technology firm Bazaruto.
Asilia Africa itself was founded in 2004 and became the first African travel company to earn B Corporation certification in 2012 — a distinction it shares with Nawiri Group. The company employs more than 1,000 people across the region, with its Tanzanian operations headquartered in Arusha. Three Tanzanian entities fall directly under the proposed acquisition: Asilia Lodges and Camps Limited, Asilia Lodges and Camps Southern Tanzania Limited, and Rubondo Island Camp Limited.
Tanzania's Fair Competition Commission has opened a 14-day public comment period under the Fair Competition Act, inviting competitors, suppliers, employees, customers, and other affected parties to submit written objections or supporting evidence. Regulators will assess whether the acquisition would substantially lessen competition or harm the interests of those connected to the country's tourism sector. Submissions may be directed to the commission's Dodoma office or sent electronically, with confidentiality protections available for sensitive portions of any filing.
A Swiss investment firm has moved to take full ownership of one of Tanzania's largest safari lodge operators, triggering a regulatory review that will determine whether the deal serves the country's tourism interests or concentrates too much control in foreign hands.
A Squared Holding AG, incorporated in Switzerland in 2021 and based in Zollikon near Zurich, has announced its intention to acquire complete control of Nawiri Group Limited, a Mauritius-registered holding company that owns and operates Asilia Africa—a network of roughly 15 safari camps and lodges scattered across Tanzania's most iconic wildlife destinations. The properties span the Serengeti, Ngorongoro Conservation Area, Tarangire, Ruaha, and Nyerere National Parks, plus Rubondo Island in Lake Victoria and the island of Zanzibar. The transaction value has not been disclosed.
Tanzania's Fair Competition Commission has formally opened a 14-day public comment period to examine the deal under section 65(2)(g) of the Fair Competition Act. The commission is asking anyone with a material stake in the outcome—competitors, suppliers, employees, customers, or other affected parties—to submit written objections or supporting evidence. The central question regulators will weigh is whether the acquisition would substantially lessen competition in Tanzania's tourism market or harm the interests of workers, guests, or other market participants.
Nawiri Group itself is a relatively young entity, formed in August 2022 as an umbrella consolidating investments in responsible travel across Sub-Saharan Africa. Its current shareholders include Norfund, a Norwegian development finance institution; LGT, a Swiss private banking and investment group; and several private impact investors, among them Christian Sinding, chief executive of EQT, and Reynir Indahl, chief executive of Summa Equity. Beyond Asilia Africa, Nawiri holds majority stakes in Go2Africa, a safari tour operator, and Bazaruto, a travel technology developer.
Asilia Africa itself has deeper roots. Founded in 2004, the company operates safari properties across Kenya, Uganda, and Tanzania, with Tanzania representing its most recent geographic expansion. The operation is headquartered in Arusha, with additional offices in Dar es Salaam, Nairobi, and Cape Town, and employs more than 1,000 people across the region. Both Nawiri Group and Asilia Africa hold B Corporation certification, a designation that signals commitment to environmental and social governance standards. Asilia became the first African travel company to achieve the certification in 2012.
The three Tanzanian entities directly affected by the acquisition are Asilia Lodges and Camps Limited, Asilia Lodges and Camps Southern Tanzania Limited, and Rubondo Island Camp Limited. The first two operate high-end safari and accommodation services for local and international clients across the country's major parks and reserves. Rubondo Island Camp leases and operates a tented camp on Rubondo Island in Lake Victoria.
The Fair Competition Commission's review process invites formal participation from interested parties who must file a Notice of Intention to Participate along with their submission. Comments can address whether the transaction is likely to substantially lessen competition, or what effects it may have on customers, suppliers, competitors, employees, or other directly affected participants. The deadline for submissions is 14 days from the first publication of the notice. Submissions should be directed to the commission's office in Dodoma or sent electronically to info@fcc.go.tz.
The commission has also stipulated that it will not entertain submissions on matters already pending before a court, tribunal, arbitration panel, or other judicial body. Any party claiming confidentiality for portions of their submission must clearly identify those sections and provide justification for the claim.
Citações Notáveis
Nawiri Group was formed in August 2022 as an umbrella company consolidating investments in responsible travel and connected impact initiatives in Sub-Saharan Africa.— Fair Competition Commission notice
Asilia became the first African travel company to achieve B Corporation certification in 2012.— Company records
A Conversa do Hearth Outra perspectiva sobre a história
Why does it matter that a Swiss firm is buying a Tanzanian safari company? Isn't that just normal foreign investment?
It matters because safari lodges are not just businesses—they're gateways to Tanzania's most valuable natural assets and employ over a thousand people. When ownership consolidates in foreign hands, the question becomes: who decides how those parks are used, who benefits from the revenue, and who has a voice in how the land is managed?
But Nawiri Group itself is already foreign-owned, isn't it? It's registered in Mauritius, and the current investors are Norwegian and Swiss.
True, but there's a difference between distributed ownership—where multiple investors with different mandates hold stakes—and full control by a single entity. Right now, Nawiri has Norwegian development finance, Swiss banking interests, and private impact investors all with seats at the table. A Squared taking full control means one Swiss firm makes all the decisions.
What's the Fair Competition Commission actually looking for in this review?
They're asking whether the deal reduces competition in Tanzania's tourism market. If A Squared ends up controlling too large a share of the high-end safari experience, smaller operators could be squeezed out. They're also looking at whether employees, suppliers, and customers might be harmed—whether wages stay fair, whether local businesses still get contracts, whether guests still get quality service.
The transaction value isn't disclosed. Does that make the review harder?
It does. Without knowing the price, it's harder to assess whether this is a reasonable market transaction or whether A Squared is getting a sweetheart deal. It also makes it harder for the public to understand the scale of what's being transferred.
What happens if the FCC says no?
Then the deal doesn't go through. A Squared would have to either restructure the offer or walk away. But the commission could also approve it with conditions—perhaps requiring A Squared to maintain certain employment levels or local sourcing commitments.