Jumia Technologies AG (JMIA) Draws Takeover Interest From Axian

Jumia Technologies AG (NYSE:JMIA) is among the 13 Best German Stocks to Invest in Now. The e-commerce firm has drawn takeover interest from telecommunications company Axian Telecom, Bloomberg reported on July 1.

A woman in fashionable apparel shopping on an e-commerce platform.

Mauritius-based Axian raised $600 million last month to refinance its debt and help fund a potential takeover of Jumia Technologies AG (NYSE:JMIA), said sources close to the matter. They also added that the deliberations were private and no decisions have been made yet.

Jumia Technologies AG (NYSE:JMIA) is the largest e-commerce company in Africa, with a market cap of $543 million. If the deal goes through, it is likely to help both firms expand across the continent, said the sources. Axian has been increasing its stake in Jumia, and held 8% of its shares, as of May this year.

Representatives from both companies have declined to comment on Bloomberg’s report. Shares of Jumia Technologies AG (NYSE:JMIA)’s American depositary receipts surged nearly 20% last week.

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