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Orange invests R1.2 billion for equity in Zando’s parent company

Orange has announced it’s acquired 75 million euro (R 1.27 billion) in equity interest in the Africa Internet Group (AIG), which owns the likes of Zando and Nigeria’s Jumia.

Orange said this investment will be accompanied by a series of strategic partnerships between the subsidiaries of the two groups and will help all 10 AIG subsidiaries to accelerate their growth and seize development opportunities in Africa.

Altogether AIG subsidiaries operate in 23 African countries, enabling more than 50 000 local and international companies to do business with African consumers.

Orange joins long-time investors the MTN Group Millicom and Rocket Internet along with more recent investors, AXA, which invested R1.3 billion back in February and Goldman Sachs.

“This acquisition is combined with the signature of several important partnership agreements that will create value for all parties,” Stéphane Richard, Chairman and CEO of Orange said in a statement.

“In particular, across the twelve countries where we have a common presence, this investment will enable us to significantly develop our ability to market products and services developed by Orange Middle East and Africa over the internet,” Richard added.

“We are thrilled by Orange’s equity investment and are eager to translate our strategic partnership into unique offers for our customers…With Orange’s support and expertise, combined with that of our existing long-standing shareholders, we will be able to further improve our service offerings and the customer experience while continuing to invest in our infrastructure,” said Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG.

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