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Johannesburg – MTN announced on Friday that it had entered into a partnership with Rocket Internet, one of the world's leading internet incubators, to extend online retail and other essential digital services in the Middle East.
The agreement with Rocket Internet follows a similar partnership, concluded earlier, between MTN, Rocket Internet and Millicom International Cellular, to develop internet businesses in Africa through Africa Internet Holding (AIH).
MTN and Rocket Internet will create a joint venture to develop internet businesses in the Middle East, with MTN and Rocket as 50% shareholders in Middle East Internet Holding (MEIH).
Rocket Internet already has a presence in several Middle Eastern countries and has rolled out a series of high-growth online businesses, including Easytaxi, Lamudi, Namshi and Hellofood.
Unique knowledge
“The agreement with Rocket marks yet another important milestone in our journey of pursuing digital businesses as one of our key strategic priorities, as well as drive growth and value for our customers,” said Sifiso Dabengwa, MTN group president and CEO.
The partnership brings together Rocket Internet’s expertise in developing successful global internet business models, and MTN’s leadership position and unique knowledge of the local telecom markets.
MTN expects to invest about €300m into AIH and MEIH over the next two to four years
The investments are subject to regulatory approval and the two transactions are expected to close in the first six months of 2014.
The agreement with Rocket Internet follows a similar partnership, concluded earlier, between MTN, Rocket Internet and Millicom International Cellular, to develop internet businesses in Africa through Africa Internet Holding (AIH).
MTN and Rocket Internet will create a joint venture to develop internet businesses in the Middle East, with MTN and Rocket as 50% shareholders in Middle East Internet Holding (MEIH).
Rocket Internet already has a presence in several Middle Eastern countries and has rolled out a series of high-growth online businesses, including Easytaxi, Lamudi, Namshi and Hellofood.
Unique knowledge
“The agreement with Rocket marks yet another important milestone in our journey of pursuing digital businesses as one of our key strategic priorities, as well as drive growth and value for our customers,” said Sifiso Dabengwa, MTN group president and CEO.
The partnership brings together Rocket Internet’s expertise in developing successful global internet business models, and MTN’s leadership position and unique knowledge of the local telecom markets.
MTN expects to invest about €300m into AIH and MEIH over the next two to four years
The investments are subject to regulatory approval and the two transactions are expected to close in the first six months of 2014.
