Ezra Davids, Tholinhlanhla Gcabashe, Nanga Kwinana and Ricci Hackner wrote the South Africa trends and developments section of the Chambers Global Practice Corporate M&A Guide for 2026.
Overview
South Africa continues to stand out as the dominant African M&A market by value, driven by both domestic and inbound transactions, commodity price upswing, structural reforms and infrastructure liberalisation, particularly in mining, digital infrastructure, and financial services.
Other notable indicators, including subdued inflation, rate cuts, removal from the FATF grey-list and a credit-rating upgrade, have all contributed to renewed and sustained investor confidence. The successful hosting of the G20 and B20 has also helped to buoy market sentiment.
Notwithstanding a year of global geopolitical shocks and trade wars resulting in investment hesitation and corporate cash hoarding on the global stage, South Africa’s business confidence has trended at multi-year highs, and companies appear increasingly positioned to shift from defensive posturing to more growth-oriented strategies.
Outlook
As South Africa’s M&A market enters 2026, macroeconomic stability, structural reform momentum and renewed investor confidence present a compelling inflection point. Strategic repositioning in mining and energy, technology-driven consolidation in fintech and digital infrastructure, disciplined cross-border banking expansion, and an increasingly sophisticated regulatory environment are the defining themes.
Complexity remains – logistics, evolving competition and public interest scrutiny, B-BBEE compliance imperatives and a shifting governance landscape all demand rigour and foresight. Yet for investors and corporates prepared to combine strategic clarity with regulatory acumen, South Africa offers what few African markets can: institutional depth, legal certainty and a reform trajectory moving decisively in the right direction.
Other trends covered include:
- Notable Transactions
- Sector highlights, priorities and heightened scrutiny
- King V Code
- Changes in competition law impacting M&A
- Broad-Based Black Economic Empowerment compliance
- Dispute resolution
Click here to read the section.
