MaxAB and Wasoko’s merger is fast approaching: Egyptian B2B e-commerce platform MaxAB and Kenya-based Wasoko are set to complete their merger within the next few weeks, Al Mal reports, citing sources it says have knowledge of the matter. The merger will create a new entity named Maxoko, whose annual operations are projected to hit USD 500 mn.

Remember: The two e-commerce platforms inked a preliminary merger agreement back in December with the aim of advancing Africa’s informal retail sector. The transaction — hailed by the two companies as “the largest tech merger in Africa” — is set to create a combined customer base of over 450k merchants serving over 65 mn consumers in eight African countries.

The ownership breakdown: Wasoko shareholders will reportedly hold a controlling 55% stake in the merged entity, with the remaining share going to MaxAB shareholders, according to Al Mal.

The where: Maxoko intends to expand its operations in Egypt, Morocco, Rwanda, and Kenya, according to Al Mal — MaxAB already operates in Egypt and Morocco, while Wasoko is present in Kenya, Tanzania, Rwanda, Uganda, Zambia, and Congo.

Maxoko wants to go public: The company’s long-term plans include listing on a stock exchange.

About the companies: Founded in 2018 by Belal El Megharbel (LinkedIn) and Mohamed Ben Halim (LinkedIn), MaxAB offers a range of e-commerce and fintech services targeting smaller retailers and suppliers. Wasoko was founded in 2013 by Daniel Yu (LinkedIn). The company enables smaller retailers to restock products for their businesses via mobile app.

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