KK Security Limited is set to operate under sole ownership after the Competition Authority of Kenya (CAK) approved its acquisition by Stephan Cretier, Chief Executive Officer of GardaWorld Limited.

This decision grants Cretier full control of the private security firm, shifting its ownership structure from joint to sole control.

"The CAK has approved the proposed acquisition of sole control of Doctor No Parent Limited by Mr Cretier ... unconditionally," the regulator announced in a statement.

Cretier, a Canadian entrepreneur and philanthropist, previously held indirect control of KK Security through GardaWorld, which is owned by Canada-based Doctor No Parent Limited.

The transaction will see Cretier acquire over 50 per cent shareholding in KK Security. CAK noted that the acquisition is aimed at attracting new investors to position GardaWorld for its next phase of growth.

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"Post transaction, Mr Cretier will gain control of the target (over 50 per cent shareholding), changing the target's ownership from joint to sole control. The undertakings indicated that the rationale of the transaction is to attract new investors to strategically position GardaWorld for the next phase of growth," CAK explained.

The regulator clarified that the move would not disrupt market competition.

"The proposed transaction does not raise competition concerns as it involves an increase of shareholding in the target by the acquirer. Therefore, the structure and concentration of the market will not be affected/altered," it said.

KK Security operates in a fiercely competitive sector, with 799 registered private security providers in Kenya. 

With the regulator’s nod, KK Security is now poised for strategic growth under Cretier’s exclusive leadership.