MTN says it expects to invest approximately R2.4 billion (EUR168 million) over the next two to four years into Africa Internet Holding (AIH).<\/p>\n
MTN acquired 33.3% OF AIH, a joint venture between Rocket Internet and Millicom International Cellular, to develop internet businesses in Africa.<\/p>\n
Sites within the AIH Holding stable includes, online clothing retailer, Zando; online-only peer-to-peer lender, Lendico; HelloFood; e-commerce site, Jumia; and hotel booking platform, Jovago.com.<\/p>\n
MTN noted that it, along with Millicom International Cellular and Rocket International, have become 33,3% shareholders in AIH.<\/p>\n
The transaction closed on 1 July 2014, “and various operations have identified areas of co-operation. Reviews are being\u00a0 conducted to select appropriate launch windows,” MTN said.<\/p>\n
“The Group expects to invest approximately EUR168 million over the next two to four years into AIH,” MTN said.<\/p>\n
MTN noted that it has launched a joint venture with Rocket Internet called\u00a0Middle East Internet Holding (MEIH), to develop internet businesses in the Middle East, with the Group and Rocket Internet being 50% shareholders in MEIH.<\/p>\n
MTN said it invested EUR120 million (R1.72 billion) consisting of a EUR40 million cash payment and EUR80 million contingent consideration into MEIH, while the transaction closed on 20 May 2014.<\/p>\n
MTN also acquired an interest in Bidu, an online insurance price comparison and brokerage provider in Brazil, through the venture capital fund,\u00a0 Amadeus Digital Prosperity Fund IV.<\/p>\n
New social lender hits South Africa<\/strong><\/a><\/p>\n