Ringier Africa, a leading diversified digital media company in Africa, has announced the sale of its entire stake in Ringier Africa Deals Group to South African business incubator, Silvertree Internet Holdings.
Through Ringier Africa Deals Group, a new joint venture between Swiss Ringier Africa AG and Silvertree Internet Holdings, Ringier Africa acquired DealDey, one of Nigeria’s biggest online shopping platforms, and its couponing platform Promohub and discovery platform Lyf, last year.
The acquisition represented an expansion of Ringier Africa’s portfolio beyond publishing and digital marketing in Nigeria and Silvertree’s first e-commerce investment in the country.
The experience both companies brought to the table from their various areas of expertise helped DealDey tremendously; the startup’s value proposition was confirmed, its offerings yielded good returns, and it’s on its way to profitability.
Having positioned the group well both financially and otherwise, Ringier came to an agreement to sell its stake in the group to Silvertree Internet Holdings. The group will now be run by Silvertree in partnership with the DealDey/PromoHub/Lyf management.
“We are tremendously thankful to Ringier for the successful partnership and are excited for their exit to Silvertree. I am sure they can take their learnings and teachings on e-commerce in the deals group to more companies, for example through their P-Promos promotions scheme in their publishing group Pulse Africa. We will also continue to collaborate with Ringier entities on this after this exit,” DealDey CEO, Kehinde Oriola told TechMoran.
Ringier Africa will now shift focus to publishing, classifieds and marketing – its strength. It recently launched discount e-commerce platform, P Promos, news and entertainment platform, P Live and Business Insider sub-Saharan Africa.