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LequteMan
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Multinational telecoms firm, Orange, has announced the acquisition of a 75 million-euro equity interest in Africa Internet Group, the parent company of Jumia Nigeria and other online firms in Africa.
The investment sees Orange join AXA, Goldman Sachs and longstanding investors MTN Group, Millicom and Rocket Internet as shareholders in AIG.
Subsidiaries of both firms are expected to form partnerships following the development. Orange will help Jumia and other websites run by Africa Internet Group to accelerate their growth and seize development opportunities in Africa.
Stéphane Richard, Chairman and CEO of Orange, expressed happiness with the investment.
“We are particularly pleased to announce our entry into the capital of Africa Internet Group. 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," he said.
"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 & Africa over the Internet. This operation, initiated by our corporate investment fund Orange Digital Ventures, is fully aligned with our strategic plan, Essentiels2020, particularly with regards to our ambition to reinvent customer service, develop the digital channels and services offered to customers as well as our ambition to develop our activities in Africa and the Middle East.” he added.
Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and Africa Internet Group, said they were "thrilled by Orange’s equity investment and are eager to translate our strategic partnership into unique offers for our customers.
"Jumia and our other online consumer services give millions of African consumers an opportunity to access and transact with local companies in a new and very convenient way. 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” they said in a joint statement.
The investment sees Orange join AXA, Goldman Sachs and longstanding investors MTN Group, Millicom and Rocket Internet as shareholders in AIG.
Subsidiaries of both firms are expected to form partnerships following the development. Orange will help Jumia and other websites run by Africa Internet Group to accelerate their growth and seize development opportunities in Africa.
Stéphane Richard, Chairman and CEO of Orange, expressed happiness with the investment.
“We are particularly pleased to announce our entry into the capital of Africa Internet Group. 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," he said.
"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 & Africa over the Internet. This operation, initiated by our corporate investment fund Orange Digital Ventures, is fully aligned with our strategic plan, Essentiels2020, particularly with regards to our ambition to reinvent customer service, develop the digital channels and services offered to customers as well as our ambition to develop our activities in Africa and the Middle East.” he added.
Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and Africa Internet Group, said they were "thrilled by Orange’s equity investment and are eager to translate our strategic partnership into unique offers for our customers.
"Jumia and our other online consumer services give millions of African consumers an opportunity to access and transact with local companies in a new and very convenient way. 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” they said in a joint statement.
