Lack of IPOs, Mergers and Acquisitions Take Over

This first half of the year will not be about stock market introductions. But behind the absence of new listings, a movement of restructuring of Moroccan groups emerges through a multiplication of merger-acquisition operations, strategic rapprochements, and capital restructurations.

Insurance, banking, retail, agriculture, mining, or construction, several sectors were concerned by major transactions, aimed at gaining size, diversifying growth drivers, strengthening financial solidity, or simplifying capital organization.

Sanlam-Allianz, a reference player

The insurance sector opened the ball with the rapprochement project between Sanlam Maroc and Allianz Maroc. This operation aims to constitute a player of size that would position itself in 3rd place, capable of leaning on an expanded base, complementary expertise, and better investment capacity.

The transaction will be carried out through a capital increase of Sanlam reserved for Allianz shareholders of 122.5 MDH, and according to an exchange parity fixed at 2 Allianz shares for 5 Sanlam shares.

Thus, the net assets brought by Allianz are valued at 2.6 MMDH. Operationally, the rapprochement should allow combining the resources and expertise of the two companies, accelerating digital innovation, improving service quality, and strengthening territorial coverage.

In the medium term, expected synergies should come from sharing support functions, optimizing information systems, and progressive cost rationalization.

Holmarcom, financial pole

The banking sector also knows a major operation. Holmarcom Finance Company (HFC), already present in insurance through AtlantaSanad and Takafulia, as well as in banking with Crédit du Maroc, takes a new step in building its financial pole, with the acquisition of the majority 67% participation held by BNP Paribas in BMCI.

This transaction reflects both Holmarcom’s desire to change scale in banking. However, the central challenge of the operation opens the way to a potential rapprochement between BMCI and CDM, with the ambition to make emerge a more significant banking player.

Thus, the future group would exceed 120 MMDH in credit outstanding and approach 10% market share. It would lean on a combined network of more than 500 agencies and over 5,000 employees.

LabelVie-Retail Holding

Retail also escapes neither this restructuring. The merger project between LabelVie and Retail Holding will give birth to a new listed group specialized in multi-brand distribution.

The operation aims first to strengthen strategic and operational coordination between different brands, to allow sharing certain key expertise, to simplify the group’s organization, and to release synergy and growth drivers, in a sector where size effects, logistics, network density, and cost control are determinant.

Within this merger, which will be concretized through the contribution of LabelVie’s assets to Retail Holding, the value of LabelVie’s equity was set at 12.46 MMDH and an exchange parity of 8 Retail Holding shares for 11 LabelVie shares.

Post-merger, the group’s revenue should reach 47 MMDH in 2030, compared to 21.7 MMDH in 2025, more than double. This represents an average annual growth rate of 16.7% between 2025 and 2030. Net income, itself, should progress on average by 28.9% per year to reach 1.43 MMDH in 2030, compared to 403 MDH in 2025.

CMGP, expanded external growth

CMGP, on its side, multiplied external growth operations on segments judged promising. In November 2025, the group raised its participation in Agrosem to 70%.

It then acquired, in January 2026, 70% of Sodipire’s capital, specialist in importation and distribution of tractors and agricultural equipment. This allowed it to strengthen its anchoring on the strategic seed market and in agricultural machinery.

But the most structuring deal remains the acquisition of 95% of the capital of the Compagnie de produits chimiques du Maroc (CPCM).

Estimated at nearly 1 MMDH, the operation relies on a structure combining 300 MDH capital increase and 700 MDH debt.

With this acquisition, CMGP no longer limits itself to consolidating its historical positions in agriculture. It accesses new growth drivers and strengthens its integration on complementary activities, likely to offer it a broader and more diversified base.

CMT, capital turning point

After a critical period marked by several contentious cases, CMT has initiated a process of legal and capital clarification.

The company thus concluded an agreement on Ayrad’s acquisition of 100% of OSEAD Fund shares, Luxembourg entity held by SVL, which indirectly holds, via Moroccan company OMM (OSEAD Maroc Mining), 37.04% of CMT’s social capital, at a price of 130 million dollars. The operation should trigger a mandatory OPA on all CMT shares.

This operation is accompanied by the definitive settlement of two disputes. The first concerns the litigation between OMM and CMT, relating to the loan granted by the company to OMM in 2012, in exchange for payment to CDM of the dirham counterpart value of 35 million dollars. The second opposes Shaba Metals LLC, entity linked to SVL, to CMT regarding execution of offtake contracts concluded in 2024, through payment to CMT of 12 million dollars.

TGCC, more verticalization

Finally, in construction, TGCC should acquire 51% of Safettras capital, African Society for Studies and Special Works, with the objective of integrating high-value-added skills, strengthening mastery of key project stages, and improving operational performance.

It must also support its expansion in Morocco, Africa, and the Middle East, but also better control certain technical phases of construction sites, strengthen synergies between its different activities, and propose more integrated solutions to its clients.

Calming on the capital market

Except for stock market introductions, fund raises realized are less dynamic. This first half of the year saw a 5 MMDH bond loan from OCP, a 450 MDH capital increase from Risma, a Maroc Telecom buyback program, and some updates to negotiable debt title emission programs like Managem and Jet Contractors.

However, several are expected, including Auto Hall with a 1.1 MMDH financing program, of which 600 MDH through bond emission, and 500 MDH by capital increase; CIH with a 1 MMDH capital increase, a private placement bond emission by LabelVie of the same amount, and Ennakl Automobiles of 100 million dinars, more than 300 MDH.