MTN, Millicom, Rocket Internet to develop internet businesses in Africa
MTN, Millicom and Rocket Internet will each become 33.3% shareholders in AIH.
Founded in 2012 as a joint venture between Rocket Internet and Millicom International Cellular, AIH is a leading internet group in Africa, with presence in 13 countries on the continent, including South Africa, Nigeria, Egypt, Morocco, Cote d'Ivoire and Ghana. The company has developed several successful e-commerce ventures in the last 18 months, including Jumia, Zando, Kaymu, Jovago, Lamudi, Carmudi, Easytaxi and Hellofood.
Commenting on the agreement today, Millicom President and CEO, Hans-Holger Albrecht said: "We are pleased to welcome MTN as a strategic partner to accelerate the growth of our online alliance in Africa. It is a significant vote of confidence in its future. Between us we have more than 220 million mobile customers in the continent with very limited overlap. MTN is the leader in Nigeria and South Africa, the largest markets for AIH currently, while Millicom contributes through its leading positions in our markets, combined with one of the most innovative product offerings."
Bringing the digital world to customers
The investment in AIH is in line with MTN's strategy of bringing the digital world to customers, adapting to their rapidly changing needs and delivering a consistent end-to-end user experience.
"The strategic partnership between Rocket Internet, Millicom and MTN is unique and will enable AIH to reach more consumers with better services. We feel very strong about AIH's existing and future ventures in Africa and look forward to working with our new partner," said Oliver Samwer, co-founder of Rocket Internet.
The partnership is expected to create additional synergies for MTN in its core business. The investment is subject to regulatory approval, and the transaction is expected to close during the second quarter of 2014.
