Although financial details remain undisclosed, the deal, which cuts the co-founders’ controlling stakes down to 33.3 percent each, will see MTN “develop” and “accelerate the growth” of AIH, Millicom President and CEO,
Prominent subsidiaries under AIH include Nigerian online retailer Jumia, which has raised over
MTN said in an official statement that its investment in AIH is in line with strategy to bring digital services to customers, and that it will continue to pursue digital business adjacencies as one of its "key strategic priorities" to drive growth and value.
"We are excited to engage in a strategic partnership with Rocket Internet and Millicom to develop online ventures across the fast growing internet markets of
MTN, the telecom leader in
The formidable capacity of the partnering companies "will allow the partnership to capture the growth potential of the digital media space across our footprint in the region," MTN’s CEO added.
Widespread internet penetration, especially mobile, in
The investment is subject to regulatory approval, and the transaction is expected to close during the second quarter of 2014.
Founded in 2012 as a joint venture between Rocket Internet and
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