9–18 months
Merger
Two businesses combine into a single entity, of equals or with one absorbing the other.
When it fits
Consolidation creates clear synergies (cost, channel, capability) that neither side can capture alone.
African & East African context
Increasingly happening in fintech and agri-processing. Requires Competition Authority of Kenya approval — bake regulatory time into the timeline.
Cap table impact
Two cap tables merge using an agreed exchange ratio.