Gbagada, Lagos Mainland based integrated ICT solutions and equipment manufacturer, The Zinox Group, has acquired Konga after several months of negotiations with major investors — Naspers and AB Kinnevik. The deal is reportedly worth the region of $20m, InsideMainland learnt.
According to the Head of Corporate Communications, Zinox Group, Gideon Ayogu, the decision to invest in Konga is an easy one for the organisation.
As part of the acquisition, Zinox Group will assume 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.
Naspers, based in South Africa, is a broad-based multinational Internet and media group, offering services in more than 130 countries while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.
According to a statement by the company, through the acquisition, the Zinox Group would expand its operations into e-commerce, an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the absence of credit card and e-payment infrastructure when it was launched over 12 years ago.
According to the group, the acquisition has passed all regulatory approvals by the Securities and Exchange Commission.
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.