The Aga Khan is preparing to offload his controlling stake in the Nation Media Group (NMG) after the Capital Markets Authority (CMA) approved NPRT Holdings Africa Limited to move forward with the deal.

In a notice issued on Thursday, September 18, 2025, NPRT confirmed that the CMA had, on September 10, exempted it from Regulation 4 of the Capital Markets (Takeovers and Mergers) Regulations, 2002.

This exemption paves the way for NPRT to acquire 54.08 per cent of NMG’s issued shares from the Aga Khan Fund for Economic Development S.A. (AKFED) without being obligated to extend a takeover bid to the other shareholders.

“NPRT Holdings Africa Limited wishes to notify the general public that on 10 September 2025, the Capital Markets Authority granted NPRT an exemption from compliance with Regulation 4 in connection with NPRT’s proposed acquisition of 54.08% of the total issued shares of Nation Media Group Plc from Aga Khan Fund for Economic Development S.A. (the Reorganisation),” read the notice.

The firm emphasised that it has no plans to purchase further shares beyond those involved in the reorganisation. The transaction will only be completed once all outstanding regulatory clearances are obtained. RSM is guiding NPRT as its financial advisor, while Bowmans is providing legal counsel.

The CMA, however, pointed out that its approval should not be interpreted as confirmation of the accuracy of the details in the announcement, as per its disclosure requirements.

“This announcement is for information purposes only. It has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Public Offers, Listing and Disclosures) Regulations, 2023. As a matter of policy, the CMA does not assume responsibility for the correctness of the statements appearing in this announcement,” the statement read.

NPRT Holdings Africa Limited is a Kenyan-registered holding company established under the Companies Act. Its main role is to oversee investments, and it does not carry out standalone business activities.

The company is fully owned by the Aga Khan Fund for Economic Development (AKFED), a private international development agency focused on fostering entrepreneurship and creating jobs in developing regions across Africa, Asia, and the Middle East.

Founded by the Aga Khan, AKFED has a wide-ranging portfolio spanning media, telecommunications, hospitality, and infrastructure. NPRT was created specifically to streamline the restructuring of AKFED’s media investments in East Africa.

The Aga Khan, through AKFED, has controlled Nation Media Group (NMG) for decades. By transferring his 54 per cent stake to NPRT Holdings, he is essentially moving the ownership within his own structures rather than selling to outside investors.

NPRT was set up as a restructuring tool, meaning this is more of an internal reorganisation than a hostile takeover. In short, it is about reshaping how AKFED manages its media assets, not handing them over to someone else.

For Nation Media Group staff, the immediate impact is continuity. Since NPRT is fully owned by AKFED, the ultimate controller remains the same, so employees should not expect a sudden change in leadership culture or direction.

However, the restructuring points to a bigger picture: AKFED is clearly reassessing how it manages its media investments in East Africa. This could translate into new strategies for NMG, including stronger pushes into digital platforms, cost optimisation, or exploring new revenue models to keep the company competitive.

In the short term, job security looks stable because the company is not being sold to an external buyer who might push for aggressive cuts. But in the long term, staff may need to brace for adjustments.

If the restructuring is meant to make NMG leaner and more future-focused, roles in traditional print media could be redefined while digital and tech-driven functions might expand. Employees will likely be encouraged to adapt and upskill in line with shifting business models.

The move could also boost investor confidence by creating a clearer ownership structure. This may open the door to future partnerships or funding opportunities, thereby strengthening NMG’s position in a rapidly evolving media industry.

Ultimately, while the transaction maintains stability in the short run, it signals that NMG is entering a new chapter where adaptability and innovation will be key to securing its future.