MTN Now Owns 33% of Africa’s Largest, Fastest-Growing and Most Successful Internet Group

Africa’s leading telecommunications operator, MTN now owns one-third of the Africa Internet Holding, arguably the largest, fastest and most successful Internet group in Africa – for an undisclosed amount — after signing an agreement with Millicom and Rocket Internet, both initial joint venture partners.

Recall that last year, Millicom and Rocket Internet agreed on a joint venture deal, worth €340 million to develop franchises in the online sector in Latin America and Africa. Although with an initial 20% stake in both holding companies, Millicom was expected to increase its stakes up to 50% over a 2-year period before acquiring the remaining 50% by September 2016.

As a result of this new deal, the previous agreement between Millicom and Rocket Internet signed in August 2012 has been amended and MTN now holds 33% of the share capital and have equal representation on the Board with the other partners of the Africa Internet Holding company.

The move is said to fast track the development of Africa Internet Holding while “leveraging on MTN’s and Millicom’s highly complementary footprints in Africa and Rocket Internet’s know-how in online services.”

Africa Internet Holding offers a broad range of services from real estate classifieds to electronics marketplace, food delivery to fashion e-commerce and hotel booking to taxis ordering.

The company owns and operates eight ventures including Zando, JUMIA, Hellofood, Kaymu, Lamudi, Carmido, Easy Taxi and Jovago and are now active in 13 African markets including Nigeria, South Africa, Kenya, Egypt, Senegal, Morocco, Ghana, Uganda, Rwanda, Algeria, Tanzania, Tunisia and Ivory Coast.