Case Study: Due Diligence on Acquisition

A world-leading telecommunications operator, selected Mazars to perform financial and tax due diligence as part of its participation in one of the first African unicorns.

This acquisition of a minority stake is an important step in the strategic development of our client on the continent.


The company has a set of 9 e-commerce platforms operating in 23 African countries, enabling more than 50,000 local and international companies to process transactions with African consumers.

The platform offers companies the opportunity to market their products and services on the internet to the emerging African middle class.

Several additional service platforms are offered: e-commerce marketplace, a food delivery site and hotels.


There were multiple challenges in completing the due diligence:

  • An ambitious six-week timetable to complete all due diligence;
  • A geographical break-up;
  • A set of heterogeneous business models;
  • Local specificities that needed to be understood, particularly in regards to tax legislation.


Mazars set up a "one team" system; a flexible and secure operational solution that allowed us to keep the management of the project in France (as close as possible to our client) while benefiting from the support of our local resources.

In performing this due diligence:

  • We sent teams to work in Nigeria, Egypt and Morocco, the target's main contributing countries.
  • We worked together with our local specialists where required, for example on tax issues.


The system put in place was a key success factor in this project:

  • Mazars’ expertise and experience in digital and cross-border operations (especially in Africa) meant we could:
    • Efficiently deploy resources where they were required;
    • Meet the 6-week deadline;
    • Effectively manage all local issues from one central contact.

Leading the project from France guaranteed a consistent quality of services offered to our client.