Nairobi, March 8 -- UK development finance institution British International Investment (BII) will receive Sh6.5 billion from the sale of its 10.13 percent stake in I&M Group to East Africa Growth Holding.

East Africa Growth Holding is a limited liability company registered in Mauritius and is affiliated with AfricInvest, a private equity investor with investments in more than 200 companies in 35 African countries including Kenya.

The Competition Authority of Kenya (CAK) Thursday approved the deal unconditionally. The Sh6.5 billion represents a premium price for the Mauritian-registered firm.

"This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for commerci...