Jumia has swapped its Jumia House property classifieds sites in Nigeria, Ghana and Angola with Frontier Digital Ventures (FDV) Afribaba and $500k in cash.
FDV will therefore merge Jumia House in Nigeria, Ghana and Angola with its ToLet in Nigeria, meQasa in Ghana and AngoCasa in Angola and surrender Afribaba to Jumia plus $500k in cash.
According to Frontier’s CEO and Founder, Shaun Di Gregorio: “This transaction was a rare opportunity in the online classifieds space, and we are pleased that Jumia, a major African classifieds investor, reached out to Frontier with a strong desire to acquire Afribaba and complete this transaction.”
Shaun adds that the deal sees them exit Afribaba and create 3 new market leaders in property verticals in Ghana, Nigeria and Angola.
The deal will also see them rapidly monetise Jumia House Ghana, Jumia House Nigeria and Jumia House Angola which both have strong listings, sessions and advertiser customer bases and retain strong competitive positions in each of their 3 respective markets.
The decision was made given Jumia’s significant interest in acquiring a market leading classifieds horizontal platform in West Africa and from Frontier’s perspective has facilitated the creation of 3 market leaders in Ghana, Nigeria and Angola.
Frontier will start integrating all traffic, listings, agents, advertisers and revenues onto its existing portals.