FBNQuest Sells Stake in MainOne to Equinix

April 19, 2022
FBNQuest Asset Management FBN Bond Fund

By Adedapo Adesanya

FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc, has announced the divestment of its stake in MainOne Cable Company to Equinix Inc.

More than 10 years ago, FBNQuest Funds Limited invested $15 million 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.

Over the years, MainOne has evolved from a submarine fibre optic cable operator to a leading West African data centre and connectivity provider with a presence in West Africa; Nigeria, Ghana, and Cote d’Ivoire.

The recent acquisition of MainOne by Equinix marked the beginning of its expansion into Africa and further strengthens the company’s long-term strategy to become a leading digital infrastructure company on the continent.

In a statement, FBNQuest said the sale of its stake to the new owner highlights the strength of its 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.

Commenting on the deal, Mr Taiwo Okeowo, former Non-Executive Director on the Board of MainOne 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,” he added.

On her part, Mrs Ijeoma Agboti, Managing Director, FBNQuest Funds noted, “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.”

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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