Digital infrastructure company based in California USA, Equinix has announced its expansion into Africa through its acquisition of MainOne, a continentally revered data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire. The acquisition is expected to close in the 1st quarter of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals.
Equinix intends to acquire MainOne and its assets with an all-cash transaction at an enterprise value of $320m. Under the terms of the transaction, the management team, including CEO Funke Opeke, will continue to serve in their respective roles.
According to Charles Meyers, President and CEO, Equinix, “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 leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa.”
On her part, Funke Opeke, Founder and CEO, MainOne thanked founding shareholders led by Mr. Fola Adeola, MainStreet Technologies, AFC, PAIDF, FBN, Polaris and AfDB for investing in the MainOne vision to bridge the Digital Divide in Africa, adding, “with similar values and culture to what we have jointly built in twelve 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.”
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 which has bolstered Equinix belief in MainOne to be one of the most exciting technology businesses to emerge from Africa. Founded by Funke Opeke 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 2022.
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. 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.
Eugene Bergen, President, EMEA, Equinix also adds, “expansion in Africa has long been a strategic priority for us. With MainOne, we have found a company that not only has highly complementary data center and connectivity assets, but can further accelerate the expansion of our business model and growth objectives. CEO Funke Opeke and her team have built a powerful and dynamic infrastructure that will enable international customers access to the continent and African organizations access to the global Equinix platform.”