20 Apr 2022
Lagos – April 2022 – FBNQuest, the investment banking, and asset management subsidiary of FBN Holdings Plc is pleased to announce the divestment of its stake in MainOne Cable Company (“MainOne”) to Equinix Inc.
In 2009, FBNQuest Funds Limited (“FBNQuest Funds”) invested US$15million 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 presence in Nigeria, Ghana, and Cote d’Ivoire. MainOne provides highly reliable services to major telecom operators, ISPs, government 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 its expansion into Africa and further strengthens the company’s long-term strategy to become a leading digital infrastructure company on the continent.
Commenting on the exit, Taiwo Okeowo, former Non-Executive Director on the Board of MainOne stated, stated that “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”.
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” noted Ijeoma Agboti, Managing Director, FBNQuest Funds.
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.
About FBNQuest Funds Limited FBNQuest Funds is a subsidiary of FBNQuest Capital Limited. Our distinctive heritage as an organisation allows us to leverage specialisation of the subsidiaries of our parent company to enhance delivery and provide world-class client solutions.
We are a multi-strategy alternative investment manager with direct and indirect investments in Private Equity, Venture Capital, Real Estate, Infrastructure and Private Credit.