Description of Activities

Description: The Commission resolved to approve without conditions the transaction that involves the Norwegian Investment Fund for Developing Countries (“Norfund”) subscribing for newly issued ordinary shares in Nafasi Water Technologies Pty Ltd (“Nafasi Water”). Through this investment, Norfund will acquire a minority shareholding and will have the ability to approve or veto certain restricted decisions in Nafasi Water.

Acquiring group: The primary acquiring undertaking is Norfund, which is a state-owned limited liability company established by the Norwegian Parliament under the Act of 9 May 1997 No. 26 and is wholly owned by the Norwegian Ministry of Foreign Affairs. Norfund operates as a development finance institution with a mandate to promote sustainable business development, economic growth, and poverty reduction in developing countries. Its investments focus on clean energy, financial inclusion, green infrastructure (including water, waste, and digital), and scalable enterprises, primarily through equity and quasi-equity instruments. Norfund does not conduct any business activities in Namibia and does not control any firms with assets or operations in Namibia, including in the water and wastewater treatment services sector.

Target undertaking: The target undertaking is Nafasi Water, a private company incorporated under the laws of South Africa. In Namibia, Nafasi Water conducts its business through its wholly owned subsidiary, Nafasi Water Technologies (Namibia) Pty Ltd (“Nafasi Namibia”). Nafasi Namibia provides water treatment process engineering and project delivery services, including project development, as well as operations and maintenance. Its activities include engineering, procurement and construction (EPC), and operations and maintenance (O&M) contracts for a range of smaller water treatment installations and larger plants across Namibia. Notably, Nafasi Namibia currently operates and maintains the Erongo Seawater Desalination Plant, owned by Orano Mining Namibia, which it also designed and constructed.

Relevant market: Defined the relevant product market as the market for integrated water and wastewater treatment services, including the design, construction (EPC), and operation and maintenance (O&M) of water and wastewater treatment facilities, which falls under the broader market of water collection, treatment, and supply in Namibia.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

Merger Determination No.3 of 2026___