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Why we’re acquiring Main One for $320m –Equinix

Global digital infrastructure company, Equinix, has said its plans to acquire Nigeria’s Main One Cable company is based on its reach, which is capable of expanding its presence in Africa. Equinix unveiled plans to acquire Nigeria’s MainOne Cable company in a deal valued at $320 million. According to Equinix, the acquisition is expected to close Q1 of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals. MainOne, founded by Funke Opeke, is a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire. Equinix said it would be leveraging MainOne’s reach to expand its operations into Africa.

“The transaction has an enterprise value of US $320M and is expected to be AFFO accretive upon close, excluding integration costs, marking the first step in Equinix’s long-term strategy to become a leading African carrier neutral digital infrastructure company. 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 said in a statement announcing the deal.

The company said it believes MainOne to be one of the most exciting technology businesses to emerge from Africa. Established in 2010, the company has enabled connectivity for the business community of Nigeria and now has digital infrastructure assets including three operational data centers, with an additional facility under construction expected to open in Q1’22. “Upon closing, these facilities will add more than 64,000 gross square feet of space to Platform Equinix, with 570,000 square feet of land for future expansions.

MainOne owns and operates a subsea network from Nigeria to Portugal, as well as 1,200 kilometers of reliable terrestrial fiber network across southern Nigeria. “These are all improving connectivity to and from Europe, West African countries, and the major business communities in Nigeria. When completed, this acquisition will extend Platform Equinix into West Africa, giving organizations based inside and outside of Africa access to one of the world’s fastest-growing markets,” Equninx said. Commenting on the deal, President and CEO, Equinix, Charles Meyers, 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 leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa.

“The growth of data consumption in Africa is amongst the fastest in the world, and our customers are looking for a trusted partner to pursue the opportunities presented by broad mobile adoption and greater connectivity across the region. “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.” Under the terms of the transaction, the management team, including CEO, Opeke, will continue to serve in their respective roles.

 

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