E-Commerce Firm Jumia Draws Takeover Interest From Axian

Jumia Technologies AG, the biggest e-commerce company in Africa, has drawn takeover interest from telecommunications company Axian Telecom, people familiar with the matter said.

Axian, which is based in Mauritius and primarily offers telecommunications services in Africa, raised $600 million this week to refinance its debt and help fund a possible takeover of Jumia, the people said, asking not to be identified because the deliberations are private. No final decisions have been made and the companies may not come to an agreement, they said. Jumia has a market value of about $500 million.