FBNQuest exits MainOne, partners Equinix

FBN Holdings

FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc, says it has divested its stake in MainOne Cable Company (“MainOne”) to Equinix Inc.

According to a statement by the company, in 2009, FBNQuest Funds Limited (“FBNQuest Funds”) invested $15m of primary capital in MainOne to fund the company’s vision to build a 7,000km subsea submarine communications cable running from Portugal down the coast of West Africa.

The statement added that over the years, MainOne had evolved from a submarine fibre optic cable operator to a leading West African data centre and connectivity provider with a presence in Nigeria, Ghana, and Cote d’Ivoire. MainOne provides reliable services to major telecom operators, ISPs, agencies, small to large enterprises, and educational institutions.

Equinix is the largest digital infrastructure company in the world and its acquisition of MainOne marks the beginning of an expansion into Africa and further strengthens the company’s long-term strategy to become a leading digital infrastructure company on the continent.

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Commenting on the exit, former Non-Executive Director on the Board of MainOne, Taiwo Okeowo, said, “We are pleased to have been a part of MainOne’s journey towards transforming its vision into a reality to become the leading provider of wholesale and enterprise connectivity and data centre services across West Africa. MainOne continues to expand its footprint across Africa, and this investment in Equinix will further help to increase broadband availability across the continent.”

The Managing Director, FBNQuest, Ijeoma Agboti, said, “FBNQuest Funds is pleased to have supported MainOne’s dedicated management team in building a business that has proven to be the backbone of our sub-regional digital economy, enabling hundreds of technology businesses that rely on its infrastructure.”

The statement read, “The sale of FBNQuest Funds’ investment in MainOne highlights the strength of the firm’s investment strategy which is to invest in companies operating in core economic sectors in Nigeria backed by strong management teams and founders, with emphasis on portfolio operations as a creator of value.”

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