Iflix has sold the remaining stake in its African business, Kwesé Iflix, to local partner and the parent company of Kwesé, Econet Global Limited.
The news comes after African pay TV provider Kwesé TV announced in November that it would abandon satellite-delivered pay TV and concentrate on its streaming activities.
“It has been an incredible journey and learning experience, launching our service in Africa,” said Iflix co-founder and CEO, Mark Britt.
“The acquisition by the Econet Group, our regional partner and Africa’s leading broadcast network, is a significant milestone for the African business, and further reinforces Iflix’s commitment to our core markets in Asia – particularly Indonesia, Malaysia and the Philippines which continue to grow from strength to strength.”
Econet Global CEO, Hardy Pemhiwa, said: “The conclusion of our acquisition of Iflix Africa, is a natural progression for our revised business strategy as a group, particularly the Kwesé business which offers premium broadcasting services.
“With the immense growth and positive uptake of VOD and OTT services across the continent, we believe connected services – particularly mobile – is the future of broadcasting in Africa.”
Iflix first announced the launch of its service in sub-Saharan Africa in June 2017 and partnered with Kwesé in August of that year.
In February 2018, the African pay TV provider acquired a “significant stake” in Iflix Africa and the rebranded Kwesé Iflix launched in June and expanded across East and Southern Africa.
Kwesé Iflix is currently available in Nigeria, Ghana, Kenya, Uganda, Tanzania, Ethiopia, Zambia, and Zimbabwe with operations expanding to Rwanda, Botswana, Lesotho and Malawi.
Terms of Econet’s buyout of Kwesé Iflix were not disclosed.
30 September 2020 @ 20:00:00 UTC
30 September 2020 @ 17:30:00 UTC