adplus-dvertising
Connect with us

Business News

U.S. listed Equinix acquires Nigeria’s MainOne for $320 million

Published

on

Funke Opeke Main One Cable

Equinix Incorporated, a multinational and one of the world’s largest digital infrastructure companies, has decided to expand into the African market, with the acquisition of MainOne, a telecommunications service provider for $320 million.

MainOne touts to be West Africa’s leading data center and connectivity solutions provider with presence in Nigeria, Ghana, and Côte d’Ivoire. The firm provides highly reliable services to major telecom operators, ISPs, government agencies, small to large enterprises, and educational institutions.

According to a press release by Equinix, the completion of this acquisition augments Equinix’s long-term strategy to become a leading African carrier-neutral digital infrastructure company by being able to bring a full range of transformative technologies and connectivity to Nigeria, Ghana and Cote d’Ivoire.

What you should know

  • The acquisition is expected to extend Equinix’s reach in the African market, giving the organization a base inside and outside of Africa, with access to global and regional markets.
  • Equinix is expected to gain from this acquisition as it opens the multinational to a wide market with active customer base. Nigeria, for example, has both the largest population and the largest economy of any country in Africa, with approximately 142 million active internet subscribers.
  • Nigeria is also home to new innovative digital ecosystems in fintech, content and digital media, and has great opportunity for expansion of digital services. Due to the fact that MainOne’s headquarters is at the heart of the country, Lagos, the firm stands to generate revenue and ultimately grow from a technologically driven economy.
  • The press release disclosed MainOne’s assets, which include four operational data centres, which will add more than 64,000 gross square feet of space to Platform Equinix, in addition to 570,000 square feet of land for future expansions.
  • Equinix will also be benefiting from an extensive submarine network extending 7,000 kilometres from Portugal to Lagos, Accra and along the West African coast, with landing stations in Nigeria, Ghana and Côte d’Ivoire.
  • Also included in the deal is a terrestrial network of more than 1,200 kilometres of reliable terrestrial fibre in Lagos, Edo and Ogun States. Connectivity to terrestrial sites extends across 65 points of presence (PoPs) in cities across Portugal, Nigeria, Ghana and Cote d’Ivoire.
  • Equinix will also be getting MainOne’s estimated 800+ business-to-business customers, which includes major international technology enterprises, social media companies, global telecommunications operators, financial service companies and cloud service providers.

The press release also revealed that MainOne’s facilities currently generate approximately $60 million annualized (Q2’21LQA) revenue with a purchase multiple of approximately 14x EBITDA.

Funke Opeke will continue to lead as the CEO of the firm, under the new brand of “MainOne, an Equinix company.”

The acquisition of MainOne marks the latest in a series of strategic acquisitions for the world’s digital infrastructure company.

The news comes after Stripe’s acquisition of PayStack in a $200 million deal in 2020.

Since the announcement, Equinix share price has grown 3.22%. It is however down 9.79% YtD, with a market capitalization of approximately $69 billion.

... U.S. listed Equinix acquires Nigeria’s MainOne for $320 million Read More on ... Naijaonpoint.

WATCH NOW

DOWNLOAD NOW

Business News

N80bn Fraud: EFCC Arrests Accountant General of the Federation Ahmed Idris

Published

on

Ahmed Idris

By Modupe Gbadeyanka The Accountant General of the Federation (AGF), Mr Ahmed Idris, is cooling off in the custody of the Economic and Financial Crimes Commission (EFCC). He is having talks with the agency, explaining what he knows about an alleged diversion of N80 billion belonging to the federal government. He was picked up by […]

WATCH NOW

DOWNLOAD NOW

Continue Reading

Business News

Iran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions

Published

on

iran

Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank.

Iran’s Ministry of Intelligence issued a statement Saturday stating that it has blocked a number of bank accounts due to suspicious foreign currency and cryptocurrency transactions, local media reported. The ministry detailed:

The statement adds that the total transaction value blocked was over 60 trillion Iranian tomans, which is approximately $2 billion based on the daily dollar exchange rate in the Iranian open market. Iran’s currency recently hit a four-month low against the U.S. dollar.

However, the ministry did not provide any details on the accounts or how much of the turnover was in digital currency.

The Ministry of Intelligence’s action was carried out by the order of a judge and in collaboration with the country’s central bank. It was part of the Iranian government’s recent plan to combat illegal and unauthorized foreign currency and cryptocurrency transactions. In December last year, the ministry announced that it froze bank accounts of more than 700 “illegal” foreign exchange traders in the country.

Meanwhile, Iran is also cracking down on unauthorized cryptocurrency mining. The authorities have shut down about 7,000 unauthorized mining facilities in the past two years. The Iranian government has also drafted new rules to increase penalties for illegal cryptocurrency mining, including additional fines and imprisonment.

What do you think about Iran blocking bank accounts over suspicious crypto transactions? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

WATCH NOW

DOWNLOAD NOW

Continue Reading