Axa buys Africa Internet stake, signs distribution deal

News Broadband Africa 8 FEB 2016
Axa buys Africa Internet stake, signs distribution deal

French insurance group Axa has announced plans to buy an 8 percent stake in Africa Internet, which owns websites in 23 African countries. Axa will become the exclusive vendor of insurance and financial services on the all online and mobile websites. The transaction is expected to close by the end of March. Axa will also invest EUR 75 million in Africa Internet, whose main property, e-commerce portal Jumia is present in eleven African countries.

Africa Internet also owns online shopping brand Kaymu, food delivery service Hellofood, holiday reservation site Jovago, and small ads platforms Lamudi (property), Everjobs (employment) and Carmudi (vehicles). Axa joins Africa Internet backers including South African mobile group MTN, German website localisation specialist Rocket Internet, and Luxembourg telecom group Millicom.

Categories:

Internet

Companies:

MTN,  Millicom,  Rocket Internet,  Jumia,  Axa,  Africa Internet

Regions:

Africa

Tags:

Distribution - retail outlets, Portals / social media, Wireline, Wireless, Advertising services, M&A buyouts & divestments

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