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.”
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