PROPOSED ACQUISITION OF OTIS BUSINESS (THE DISTRIBUTION, MAINTENANCE AND INSTALLATION OF LIFTS BUSINESS) BY ELEVATORS & ESCALATORS NIGERIA LIMITED FROM CFAO MOTORS NIGERIA LIMITED

This is a notification to the Federal Competition and Consumer Protection Commission (the Commission) in respect of a proposed acquisition by Elevators & Escalators Nigeria Limited (E&E or the Acquirer) of the distribution, installation and maintenance business of lifts, elevators and escalators (the OTIS Business) from CFAO Motors Nigeria Limited (CFAO or the Seller) (the Proposed Transaction). E&E is a private limited liability company incorporated under the laws of the Federal Republic of Nigeria with principal business activities including elevator and escalator design, manufacture, installation, and maintenance. CFAO is a private limited liability company incorporated under the laws of the Federal Republic of Nigeria with principal business activities includes the mobility business and distribution, installation and maintenance of elevator and escalator. The Proposed Transaction involves the Nigerian elevators & escalators industry, and it is expected that the Proposed Transaction will have a positive impact on the industry. The Sellers mid and long-term vision is to remain a top player in the automotive and healthcare industries in Nigeria and Africa, hence the decision to sell the OTIS Business and consolidate its strategies on the automotive and healthcare industries. As the Acquirer has been in the elevator and escalator business for over ten (10) years, and is currently an Otis certified distributor, the acquisition of OTIS Business from CFAO will enable the Acquirer to expand its business in Nigeria. The Proposed Transaction will not substantial prevent or lessen competition on any market and there is no public interest concerns will arise as a result of the Proposed Transaction.