French healthcare conglomerate CFAO Healthcare has received unconditional approval from Botswana’s Competition and Consumer Authority (CCA) to acquire a 75 percent controlling interest in Medswana Proprietary Limited, a leading pharmaceutical wholesaler in the country.
This move marks one of the most significant transactions in Botswana’s pharmaceutical sector.
The CCA granted approval on May 13, 2026, clearing the way for CFAO Healthcare to expand its footprint in Botswana’s healthcare supply chain through the acquisition of the local company.
CFAO Healthcare is a French firm controlled by CFAO SAS and ultimately backed by Toyota Tsusho Corporation (TTC), a multinational industrial group listed on the Tokyo and Nagoya stock exchanges. The broader CFAO Group already operates in Botswana via CFAO Mobility Rental, which trades under the Hertz Rent-A-Car brand.
Medswana, the target company, is a Botswana-incorporated pharmaceutical wholesaler owned by Rene Lombard, Mark Allan Fallows, and Pieter Jacobus Le Grange. It also controls Medswana Shareblock Proprietary Limited.
In its review, the CCA determined that the transaction is unlikely to distort competition or create a monopoly within the pharmaceutical sector. The regulator observed that the two companies operate at different points in the pharmaceutical supply chain and do not directly compete.
According to the CCA, CFAO Healthcare functions upstream through its subsidiary E.P.DIS France, supplying pharmaceutical products to wholesalers across various markets. Medswana, conversely, operates downstream as a local wholesaler and distributor, supplying retailers who ultimately serve patients and consumers.
“The Acquirer does not currently supply the Target,” the CCA stated, confirming there is no existing vertical relationship between the two companies.
The authority further concluded that Botswana’s pharmaceutical market remains competitive, with multiple suppliers and sourcing alternatives available to wholesalers and retailers. Consequently, the merger is not expected to significantly alter market dynamics or reduce consumer choice.
“The Authority has determined that the merger is not likely to result in a substantial prevention or lessening of competition in any market in Botswana,” the decision reads.
Beyond competition concerns, the CCA found no adverse public interest implications under the Competition Act of 2018. Instead, the regulator noted that the deal could bring positive developments to the local pharmaceutical market through increased investment and enhanced supply chain capabilities.
The authority did caution, however, that its approval does not exempt either party from securing any additional statutory approvals required under Botswana law before completing the transaction.