Swiss-based media company Ringier AG—owner of around 130 subsidiary businesses including real estate online marketplaces—has agreed to acquire almost 100% of the shares of Ringier One Africa Media (ROAM) to rubber stamp the firm's long-term commitment to the African continent.
ROAM operates Africa's various market-leading marketplaces in multiple African nations, including real estate platforms Buy Rent Kenya and Expat Dakar in Senegal.
The deal means Ringier will buy out the shares of co-shareholder SEEK Ltd. as well as the minority holdings of Jabavu Limited and Ceatonia Limited.
SEEK Ltd—an Australian-based operator of online employment marketplaces specifically—will acquiesce to the deal as the firm is more focused on core markets in the Asia-Pacific region and Latin America.
Axel Konjack, Head Global Marketplaces and Member of the Group Executive Board at Ringier AG, said:
"Our acquisition of SEEK’s shares is an important milestone and commitment to the strategic journey of ROAM. The takeover strengthens our long-term investment in digital marketplaces in Jobs, Recruiting, Real Estate and Horizontals in Sub-Saharan Africa.
"We believe in the potential of data, technology and strategic partnerships, for example with the MasterCard Foundation, to provide millions of young Africans with job opportunities. With our great teams on the ground and our engineering Hub in Cape Town, South Africa, we have a robust set-up for the next phase of growth and digitization jointly with our customers."
Ringier is one of Europe's leading European media companies, and the acquisition is subject to regulatory approval.