Global digital infrastructure company Equinix Is Acquiring Nigeria’s Firm MainOne Cable for $320 million. The News broke on December 7 2021, with CEO Funke Opeke saying her company is selling at the right price.
MainOne is a Nigerian Telecommunication firm that provides broadband solutions across Africa and beyond. The Company also operates the only Tier III certified data centre in West Africa.
Its 7,000-kilometre undersea internet cables stretch from Portugal to Nigeria. It terminates at Dakar Senegal, through Abidjan Côte d’Ivoire, Accra Ghana, and finally in Lagos Nigeria.
The deal to acquire MainOne by Equinox will come to maturity by the end of the first quarter of 2022. However, this is subject to “satisfaction of customary closing conditions including the requisite regulatory approvals.”
CEO Funke Opeke spoke about the acquisition, “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,” she said.
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There will be no structural or leadership change as a result of its acquisition. Funke Opeke will remain CEO to lead its 500+ workforce; the move by Equinix is to increase its presence in the African Continent. It already purchased GPX India for about $161 million to increase its Asian presence.
In a statement, Equinix said “With more than 200 million people, Nigeria is Africa’s largest economy and, along with Ghana, has become an established data center hub. This makes the acquisition a pivotal entry point for Equinix into the continent.”
Equinix already has 237 data centers across 27 countries, providing interconnection services for more than 250 Fortune 500 companies. It currently powers global digital leaders like Google Cloud, Microsoft’s Azure and Amazon’s Web Services.
Its President and CEO Charles Meyers in a statement said “The acquisition of MainOne will represent a critical point of entry for Platform Equinix into the expansive and rapidly growing African market.”
“MainOne’s infrastructure, customer relationships, partner ecosystem and operating capability will extend the reach of Platform Equinix and bolster opportunities for customers in Africa and throughout the world.”
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