Jumias electronics division, which includes Jumiatec and Jumaicom, bought Lenovo from China-based Lenovo Group for $11.5 billion, the company announced on Thursday.
Lenovo shares were up 0.2 percent at $14.10.
The deal was first reported by Reuters.
The acquisition brings Jumios electronics into the Jumies digital product portfolio, which also includes Jumaico, Jumiam, Jumaia and Jumanio products.
Jumis technology and manufacturing operations will also be relocated to China, according to the statement.
Lenovo is a joint venture of Lenovo Group and Taiwan Semiconductor Manufacturing Co., Ltd.
It had a market value of $1.3 billion at the close of trading.
The Lenovo Group announced the acquisition in a press release, saying it will “support Jumiia in furthering its mission to build products that are smart, versatile, and affordable for customers around the world.”
The move is expected to benefit the Jumaiacom division, whose digital and mobile product portfolio includes Jumo, a consumer technology platform, Jumo2 and a range of wearable devices, according the company.
Jumia had its biggest year ever in 2016, and saw a $6.9 billion profit, said Jefferies analyst Shai Kannan.
The company saw strong growth in smartphone sales and a 30 percent increase in net profit for the year, he said.