Citron's famed short-seller Andrew Left says he expects Amazon to buy Jumia, Africa's leading e-commerce company this year
after the report. Amazon made its first inroad into Africa last year with a new marketplace in Egypt. Left said the report gave him more confidence that Amazon would look into this deal.
For Amazon, buying its way into a new market wouldn't be an entirely new endeavor. In 2017, it acquired Middle Eastern e-commerce firm Souq for $580 million. Two years later, itLeft thinks Amazon could acquire Jumia for about $1 billion, a roughly 55% premium to Jumia's existing market value. Amazon would be able to easily recoup the money spent on the acquisition, Left said, if its share price increases even slightly following the deal.
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