“This merger proves that massive, world-class tech companies can be built in Africa for Africa.” Says Belal EL-Megharbel (CEO, MaxAB) “As first-movers, we fully embrace our responsibility to drive the development of a mature and thriving ecosystem, building foundational infrastructure that will empower future companies to fully unlock Africa’s vast economic potential in years to come.”
With over 4,000 employees, the combined company will be led by Daniel Yu, CEO, Wasoko and Belal EL-Megharbel, CEO, MaxAB, who will serve as Co-CEOs and company board directors alongside existing Wasoko and MaxAB investors. Other key shareholders of the combined company include late-stage growth investors such as Silver Lake, Tiger Global Management, Lunate, VNV Global AB, British International Investment, RMBV, Flourish Ventures, BECO Capital and Avenir Growth with other leading regional and global venture investors. The combined company (yet to be named) is actively seeking opportunities to expand into other markets in Africa and the Middle East through additional transactions.
We extend our congratulations to the MaxAB and Wasoko teams, especially Belal, Daniel, Omar, Ben, and Amy, along with all other parties involved. We also want to thank the Gunderson Dettmer team (Bradley and Ibrahim), counsel to Wasoko, for their pleasant cooperation over the past 8 months.
Van Campen Liem served as lead counsel to MaxAB, with a team comprising Saman Sadeghi, Tom Mitchell, Pepijn van Egmond, Ruby Pickup and Robin de Meester. Wasoko was represented by Gunderson and Van Doorne (Dutch counsel) while the major investors including Silver Lake, Lunate, Tiger Global, Avenir, VNV Global, British International Investment and RMBV were represented by Akin Gump Strauss Hauer & Feld LLP, Addleshaw Goddard, Baker McKenzie, and Wilson Sonsini Goodrich & Rosati.
For more information please visit:
Bloomberg: https://lnkd.in/eKdadkDh
Maxab press release: https://lnkd.in/eyB3Gkb