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December 20, 2013 03:00 pm GMT
MTN Group and Rocket Internet announced that they have formed a new joint venture to invest in startups in the Middle East, with a focus on e-commerce. The two companies will each hold a 50% stake in Middle East Internet Holding (MEIH). The announcement follows another partnership, concluded earlier this week, between MTN, Rocket Internet and Millicom International Cellular, to develop startups in Africa through Africa Internet Holding (AIH). MTN expects to pour 300 million euro (about USD$400 million) into AIH and MEIH, subject to regulatory approval, by the first and second quarter of 2014, respectively.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/HKsDJiLtR_U/
Rocket Internet Partners With African Telecom Operator MTN To Invest $410M in Middle East Startups
MTN Group and Rocket Internet announced that they have formed a new joint venture to invest in startups in the Middle East, with a focus on e-commerce. The two companies will each hold a 50% stake in Middle East Internet Holding (MEIH). The announcement follows another partnership, concluded earlier this week, between MTN, Rocket Internet and Millicom International Cellular, to develop startups in Africa through Africa Internet Holding (AIH). MTN expects to pour 300 million euro (about USD$400 million) into AIH and MEIH, subject to regulatory approval, by the first and second quarter of 2014, respectively.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/HKsDJiLtR_U/
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