Orange acquires US$85.65mn equity interest in AIG

5838510803 925d1059ff zOrange Chairman and CEO, Stéphane Richard. (Image Source: herve-kabla/Flickr)Orange will help Jumia and other websites run by African Internet Group (AIG) accelerate their growth and seize development opportunities in Africa

This would be accomplished through the investment by Orange for US$85.65mn, accompanied by a series of strategic partnerships between the subsidiaries of the two groups.

Since Jumia’s creation in Nigeria in 2012, AIG has seen significant and continuous growth with 10 online consumer businesses operating today in 23 African countries, according to the company.

Jumia, the original platform, allows businesses to market their products and services online to Africa’s emerging middle class. 

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

Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG, added, “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 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.”

twn Are you sure that you want to switch to desktop version?