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The House Funke Opeke built: List of seven key assets of MainOne

1. MainOne has three operational data centers, with an additional facility under construction expected to open in Q1 2022. 

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Equinix MainOne, Funke Opeke speaks
Funke Opeke, founder/CEO, MainOne (Photo Credit: TechPoint.Africa)

Equinix, Inc., the world’s digital infrastructure company, on Tuesday announced its expansion into Africa through its intended acquisition of MainOne  a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire.

Under the terms of the agreement, Equinix intends to acquire MainOne and its assets with an all-cash transaction at an enterprise value of US$320M, which is expected to be AFFO accretive upon close, excluding integration costs.

Equinix acquires MainOne

The transaction is expected to close Q1 of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals.

Why is this acquisition generating much attention?

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.

Here are seven MainOne’s assets you should know:

  1. MainOne has three operational data centers, with an additional facility under construction expected to open in Q1 2022. These facilities will add more than 64,000 gross square feet space to Platform Equinix, in addition to 570,000 square feet of land for future expansions.
  2. The company has an extensive submarine network extending 7,000 kilometers from Portugal to Lagos, Accra and along the west African coast, with landing stations in Nigeria, Ghana and Côte d’Ivoire.

  3. MainOne boasts of a terrestrial network of more than 1,200 kilometers of reliable terrestrial fiber in Lagos, Edo and Ogun States. Connectivity to terrestrial sites extends across 65 PoPs (points of presence) in cities across Portugal, Nigeria, Ghana and Cote d’Ivoire.

  4. Access to key internet exchanges enabling low latency to key global networks, including Amazon, Microsoft, Apple, Google and Facebook.

  5. An estimated 800+ business-to-business customers, including major international technology enterprises, social media companies, global telecommunications operators, financial service companies and cloud service providers.

  6. Nearly 500 employees and a management team with a deep understanding of local and international markets.

  7. The facilities generate approximately US$60M annualized (Q2’21LQA) revenue with a purchase multiple of approximately 14x EBITDA.

Globally, Platform Equinix is comprised of 237 data centers across 65 metros and 27 countries, providing data center and interconnection services for over 10,000 of the world’s leading businesses, including more than 50% of Fortune 500 companies.

We look forward to Q1 2022. Stay tuned!

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