This year is indeed the year of African acquisitions, as this will be the second major acquisition in Africa that will happen this 2018. 

In 2015, Konga acquired  Zinternet owning 100% of Zinternet’s assets, including its mobile money license. Now, Konga has been acquired by The Zinox Group, an integrated ICT solutions and equipment manufacturer, also the parent company of Yudala.

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.

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.

By Yomi prof

10 -15 million USD for the largest online shopping platform in Nigeria! seems like Zinnox just won the lottery

It would interest you to note that this deal was a long time coming:

Also, contrary to what people think, Zinox Group acquired Konga exclusively, which means that Yudala (also under Zinox), has no stake in the acquisition. With that cleared, a lot of techies on Twitter shared their opinion(s) on what can be considered to be one of the biggest acquisitions of 2018

And some more outrage:

And some interesting comebacks: