MainOne acquired by Equinix for N131.8 billion
Equinix has acquired MainOne, a West African data centre and connectivity solutions provider, for $320 million.
The announcement came on Tuesday, and the acquisition is expected to close in Q1 of 2022, subject to the “satisfaction of customary closing conditions including the requisite regulatory approvals.”
Equinix’s acquisition of MainOne, founded by Funke Opeke, came after a series of expansions made last year. Equinix, currently valued at $73 billion, acquired GPX India for $161 million, and 13 data centres from Bell Canada had been acquired for $780 million.
“The acquisition of MainOne will represent a critical point of entry for Platform Equinix into the expansive and rapidly growing African market,” said Charles Meyers, the CEO of Equinix, in a statement. MainOne’s leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa.”
After the acquisition is finalised, Ms Opeke and the company’s management team will continue to serve in their respective roles.
“With similar values and culture to what we have jointly built in 12 years, Equinix is the preferred partner for our growth journey. The MainOne team is excited about the partnership created through the acquisition, and we look forward to building our next chapter together,” Ms Opeke said.
Ms Opeke started MainOne in 2010 when she returned to Nigeria from the U.S. after she observed the poor internet connectivity Nigerians had access to.
At the Central Bank of Nigeria’s official exchange rate of N412 to $1, Ms Opeke’s company was acquired for N131.8 billion.
MainOne became one of West Africa’s first privately owned, open access undersea high capacity cable submarines.
It’s a 7,000-kilometre cable stretching from Portugal to West Africa with landings in Ghana, Senegal, the Ivory Coast, and Lagos. MainOne also has 1,200 kilometres of terrestrial fibre network across southern Nigeria in Lagos, Edo, and Ogun.
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