​The mergers and acquisitions (M&A) market is ever-evolving, and predicting the future can be challenging. However, several trends continue to shape the M&A market.

The digital transformation is increasingly shaping M&A activity as companies adopt new capabilities and technologies to stay competitive. For example, artificial intelligence is a major trend as its disruptive impact on business operations creates M&A opportunities. Today, both corporate and private equity firms are moving to acquire new technology-based businesses (or exit) to monetize returns.

As they seek to acquire companies, the role of private equity firms is expected to grow more active in the M&A arena. Also, companies are increasingly looking for M&A partners that are closely aligned to their core. For example, biotech firms are now pairing up with pharmaceutical companies.

Increasingly, companies seek to reduce their impact on climate as they also adopt net-zero strategies. The ensuing energy transition has created huge disruption in many industries, which means M&A opportunities. For example, original equipment manufacturers (OEMs) and the automotive industries are acquiring companies in the mining sector as they seek to secure the supply of minerals used in battery production.

​CBZ Bank, Zimbabwe's largest financial institution, announced the acquisition of an additional 31% stake in First Mutual Holdings Limited, the country's leading insurance and property firm. Before the acquisition, CBZ Bank had a 3.23% stake in FML via a PIM Nominees account. The additional 31% shareholding was purchased from the National Social Security Authority (NSSA), FML's largest shareholder with 66.22%. After the transaction, NSSA remained the majority shareholder with a 35% stake, followed by CBZ Bank with 34%. CBZ Bank announced after shareholders approved the transaction at the bank's extraordinary annual general meeting. According to data from the Reserve Bank of Zimbabwe, CBZ Bank is the country's largest lender, having disbursed 31% of loans across the country.

Insurance and Pensions Commission (IPEC) advised NSSA to restructure its shareholding in various companies as it had flouted investment procedures. NSSA began an exercise to redistribute its investment portfolio, including downgrading its stake in FML. In a circular to its shareholders, CBZ Bank said the board approved the firm's bid to pursue the acquisition after exploring the mutual benefits between CBZ Bank and FMH Limited. According to Rumbidzayi Angeline Jakanani, CBZ's group legal secretary, the bank was declared the highest bidder in June 2021, paving the way for a formal agreement with NSSA to begin the acquisition of 31.22% stake. The total price agreed for the acquisition was $6,356 billion, translating to $28 for each FMHL Ordinary share.