Orange buys $85.4 million stake in Africa Internet Group

Telecom company Orange has purchased an $85.4 million equity share of Africa Internet Group.

In addition to capital, Orange will help Africa Internet Group optimize its financial services websites, including Jumia.

“We are particularly pleased to announce our entry into the capital of Africa Internet Group," Orange Chairman and CEO Stéphane Richard said. "With this strategic investment, Orange now has the capacity to play a leading role in the fast-growing e-commerce market in Africa. This acquisition is combined with the signature of several important partnership agreements that will create value for all parties." 

Africa Internet Group maintains 10 e-commerce sites that provide services to approximately 50,000 comapanies in 23 countries across Africa.

"We are thrilled by Orange's equity investment and are eager to translate our strategic partnership into unique offers for our customers," Africa Internet Group CEOs Sacha Poignonnec and Jeremy Hodara said in a joint statement. "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.”