Frontier Digital Ventures has acquired three online property classifieds portals from Jumia which compete with its portfolio companies in Ghana, Nigeria and Angola.
The deal, which sees Frontier exchange Afribaba, its listings portal for francophone Africa, and $500,000 in cash for the three assets, will create three market leaders as Frontier merges all traffic, listings, agents, advertisers and revenues from these businesses with its existing portals meQasa in Ghana, ToLet in Nigeria and AngoCasa in Angola. Valuation details for the deal were not disclosed.
Jumia is selling Frontier Jumia House Ghana, Jumia House Nigeria and Jumia House Angola, each of which have strong listings, sessions and advertiser customer bases in their respective markets. Under the sale agreement, the former Jumia portals will start re-directing traffic to Frontier’s respective country assets where all listings will have been migrated. There will be a comprehensive customer migration initiative which is expected to take place over the next two months.
“This transaction was a rare opportunity in the online classified space, and we are pleased that Jumia, a major African classified investor, reached out to Frontier with a strong desire to acquire Afribaba and compete this transaction,” said Shaun Di Gregorio, Frontier’s Founder and CEO. “The ultimate result for Frontier shareholders is that we have exited Afribaba and created three new market leaders in property verticals across three key African markets.”