CEM REPORT | First Bank Nigeria (FBN) Quest, has divested its stake from MainOne Cable Company to Equinix Inc.
FBN Quest Funds Limited a subsidiary of FBN Holdings Plc, in 2009, invested $15million in MainOne as means to fund the company’s plan to build a 7,000km subsea submarine communications cable from Portugal to West Africa.
MainOne has evolved from a submarine fibre optic cable operator to a leading West African data centre and connectivity provider in Nigeria, Ghana, and Cote d’Ivoire, providing reliable services to major telecoms operators, ISPs, government agencies, small to large enterprises, and educational institutions.
Equinix seeking to expand its footprint in Africa acquired MainOne to strengthen its long-term strategy to become a leader on the continent.
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Taiwo Okeowo, Former Non-Executive Director, stated: “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.”
Ijeoma Agboti, Managing Director, FBNQuest Funds 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 sale of FBNQuest Funds’ investment in MainOne speaks volume on the firm’s investment strategy 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.