Monday, February 5, 2018

Breaking News: Zinox Group Acquires Konga in a $10M Deal

   
    It's so shocking to see this headline but the it's true. Zinox Group, which is an integrated ICT solutions and Original Equipment Manufacturer, has acquiired Konga after several months of negotiations with major investors, Naspers and AB Kinnevik. As part of the acquisition, Zinox Group would assume ownership of the e-commerce group

Recall that in 2015, Konga acquired Zinternet owning 100% of Zinternet’s assets, including its mobile money license.

But now, the table has turned and Konga has now been acquired by The Zinox Group which happens to be the parent company of Yudala, a popular online store as well.

According to the report, Zinox Group will commence ownership of the e-commerce group which includes Konga.com, Nigeria’s largest online mall; KongaPay, a CBN-licensed mobile money platform with over 100,000 subscribers as well as KOS-Express, a digitally-driven logistics company.

The company said the acquisition was expected to create employment opportunities for over 5,000 Nigerians, both at home and in the Diaspora within a short period.

Zinox being the parent company of Yudala acquired the company for $10m – $15m and the acquisition has passed all regulatory approvals by the Securities and Exchange Commission.
Sources: 1, 2.

What do you think?
   
   
       
   
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2 comments:

  1. Hmm. The price konga is been bought is too low. Just like konga has no reasonable value. Comment from netjiffy's blog

    ReplyDelete
  2. I knew it will come to this, the way they started handling the business as of late shows they are no longer serious, how could someone be running a business like a family thing with out considering their customers thinking it will be successful?

    With the way jumia is going currently, i think they are towing the same part with them, because they have started showing lack of concern towards their customers...

    How would some one order for a product later to discover that the order was canceled and getting your money back become hell on earth?

    That's bad...
    They should all buckle up....

    On a final note i expect the new owner to transform the company to an enviable one.
    That's all for now.

    ReplyDelete

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