Smart move by Mrs Funke.......Nigeria is a volatile environment. Smart folks would cash out when it's early.

my thought exactly when I saw the headline, maybe they are having financial difficulty, hence they are selling that low, Buhari has changed the economic atmosphere negatively you know.

aku626:
I saw a buy out coming and once again a smart move by Opeke, the price though, I'd have expected mainone to be valued at over half a billion dollars. O well, well staffs should be looking for new opportunities elsewhere.

seunmsg:


We are not losing anything as the company will remain a Nigerian company with foreign and local shareholders just like other multinationals operating in Nigeria. The partnership will lead to massive expansion of the company and more returns for the owners. This is the kind of foreign direct investment that we need in Nigeria.

You talk like an illiterate. The company has been SOLD for $320m in cash as the news stated. This means no more returns to the original owners.....This means that ownership has changed hands.... and this means US grip on Nigeria has strengthened....

GenAbacha:


Shey you get?


Or they should have raised vc funds first. Shoot their valuation up and then sell.

The valuation they sold at is just appalling.

Lol, why are all you Nairaland analysts lecturing Funke Opeke on what her company should have done? Why not create your own company like Mainone? Or your solutions and ideas only end up on Nairaland?

CSTRR:

You are the unwise one here.

We are selling the Nigerian future for peanuts.

There is nothing to be be proud about here.

nothing like future here, this is not a Chinese loan. would you rather love the business to die out with thousands of people been laid off?? look, biz is about buying and selling.

Zooposki:




SMH. Black man.

Black and proud

seunmsg:


We are not losing anything as the company will remain a Nigerian company with foreign and local shareholders just like other multinationals operating in Nigeria. The partnership will lead to massive expansion of the company and more returns for the owners. This is the kind of foreign direct investment that we need in Nigeria.

stop all these foreign direct investment nonsense,it has always been 419 ,home grown businesses are important, the government should have paid the woman that money or support her

BigBashiru:


You talk like an illiterate. The company has been SOLD for $320m in cash as the news stated. This means no more returns to the original owners.....This means that ownership has changed hands.... and this means US grip on Nigeria has strengthened....

There is nothing in the news to suggest that the sales was 100%. As at today, we don't know the exact stake that was sold to the US company. However, the news mentioned something about partnership and the fact that Funke Opeke and her management team will continue in their roles after the acquisition is completed. That should suggest to you that the old shareholders are still keeping a certain stake in the company. Learn not to quickly jump into conclusion when you don't have the full information.

olas24u:


stop all these foreign direct investment nonsense,it has always been 419 ,home grown businesses are important, the government should have paid the woman that money or support her

So that corrupt politicians would take over the company and ruin it in less than 5 years, right?

seunmsg:


There is nothing in the news to suggest that the sales was 100%. As at today, we don't know the exact stake that was sold to the US company. However, the news mentioned something about partnership. That should suggest to you that the old shareholders are still keeping a certain stake in the company. Learn not to quickly jump into conclusion when you don't have the full information.

"is set to be acquired for $320 million by American multinational Equinix Inc., the US company said in a statement Tuesday."
An acquisition is when one company purchases most or all of another company's shares to gain control of that company. [Source: https://www.investopedia.com/terms/a/acquisition.asp]

Maybe 80% of the company has been sold.....still a loss since control has now gone to the US.

BigBashiru:


"is set to be acquired for $320 million by American multinational Equinix Inc., the US company said in a statement Tuesday."
An acquisition is when one company purchases most or all of another company's shares to gain control of that company. [Source: https://www.investopedia.com/terms/a/acquisition.asp]

Maybe 80% of the company has been sold.....still a loss since control has now gone to the US.

It was clearly stated in the report that Funke and her team will remain in charge of the company. Read and understand before speculating wrongly.

Under the terms of the agreement, the management team, including CEO Funke Opeke, will continue to serve in their respective roles.

“The MainOne team is excited about the partnership created through the acquisition,” Opeke said in the statement. “With similar values and culture to what we have built in 12 years, Equinix is the preferred partner for our growth journey and will accelerate our long-term vision to grow digital infrastructure investments across Africa.”

CSTRR:
All that hard-work she has done over the years is worth only $300m?

For a company that could potentially yield billions in the future.

SMH.

It's not an outright sale, it's partnership.
The terms of agreement would have been spelt out.

BigBashiru:


You talk like an illiterate. The company has been SOLD for $320m in cash as the news stated. This means no more returns to the original owners.....This means that ownership has changed hands.... and this means US grip on Nigeria has strengthened....

It's partnership.


"Under the terms of the agreement, the management team, including CEO Funke Opeke, will continue to serve in their respective roles.

“The MainOne team is excited about the partnership created through the acquisition,” Opeke said in the statement. “With similar values and culture to what we have built in 12 years, Equinix is the preferred partner for our growth journey and will accelerate our long-term vision to grow digital infrastructure investments across Africa.”

seunmsg:

serving as CEO does not mean the majority stake in the company has not been sold.... CEO is an operational role - CEOs are appointed by the Board and the Board is set by US shareholders now.

The other text about values is good but still the majority stake of the company has been sold thats a fact!

BigBashiru:


Because of the submarine cables they own, such a company should not even have been sold...

Oh well.

Deed has been done. Lessons will be learned.

CSTRR:
Jesus, this is sad.

We are losing companies that should be our Future.

Why are developed countries wealthy?

Because of the strength of their Private sectors.

It called neo colonialism.
The network will be used by the Nwo globalist to monitor and control Africa.
Cheap you can't buy such a company in Europe for such a paltry sum.

seunmsg:


So that corrupt politicians would take over the company and ruin it in less than 5 years, right?

its a strategic asset and important in nation building ,just like how china is supporting huwaei ,simple9

BigBashiru:


serving as CEO does not mean the majority stake in the company has not been sold.... CEO is an operational role - CEOs are appointed by the Board and the Board is set by US shareholders now.

The other text about values is good but still the majority stake of the company has been sold thats a fact!

There is nothing to suggest what you are speculating. It is a strategic partnership that involves acquisition of shares no doubt but the extent of the company's shares that was sold to the US firm is unknown. For now, what we are sure of is that Funke Opeke and her management team will remain in charge of the company. The composition of the company's board of directors is unknown to me and you because the report was silent about it.

God bless you!!!
It is a real shame. Some countries would not have allowed such a sale to go through.

"With MainOne in the hands of the foreign investors, it is all complete: Nigeria has zero representation in the core infrastructure of its digital future."

https://www.facebook.com/100047989968078/posts/398465715096424/

Zooposki:
Africans selling themselves to the west. SMH for the weak Black man.

wman:
God bless Funke Opeke. All the way from OAU Electronic and Electrical Engineering department.

Like Saphiere use to say, "the future is female."

Though some analysts say that the company should have been sold for at least $500 million or more.

Oau alumna??

it is unfortunate that you don't understand what is going on

The future is digital and a private Nigeria company is selling its infrastructure to foreigners and you don't see anything wrong with it?

It is you and your types that are one of the problems of Africa

Terrier99:


What have you done for Africa beyond lamenting and showing your dirty teeth

olas24u:


stop all these foreign direct investment nonsense,it has always been 419 ,home grown businesses are important, the government should have paid the woman that money or support her

best comment so far. This will never be allowed to happen in any serious country,

God bless you. But instead of merging why not collaboration?

Nigeria and Africa needs to stand on its own feet and not rely on foreigners. Unfortunately some nonentities on the first page don't understand this.

Kingzy4pep:
In as much as this will propel the growth and expansion of mainone, I'm still wondering if full acquisition by an international firm is a better idea. How about merging?
Anyway what do I know?

Actually it is you who is not wise.

Akabuking:
You are not wise.

Nigeria's govt should have stepped in

If it was an American company or Chinese company that is so important to the digital future of America and China, do you think America or China would have allowed such a sale? NEVER!!!

GenAbacha:
After years of being in operation, they’re selling for $320m?

MainOne literally sells internet bandwidth to all ISPs in Nigeria and I think some in Ghana and they’re valued at $320m? Nawa. They should have just done an ipo

Not everything is about money.

advanceDNA:


Guy...320 million dollars is not a bad sale...

That's about #155billion
Wow..cool money m

seunmsg:


So that corrupt politicians would take over the company and ruin it in less than 5 years, right?

There are companies that are national pride to some countries even though they are privately owned,they carry your national flag an could be deployed or integrated at any time of national needs .Huawei (china) samsung (korea) india ,them yapa infosys, TATA, Sweden Eriksson etc,just recently china refused to allow the sales of its taxi business like uber becase they have the datas of people and full information of were they visit each time they order .

Putindbutt:

It's not an outright sale, it's partnership.
The terms of agreement would have been spelt out.

It is an outright sale.
The Ceo is now an employee of Equinix at least for continuity in business operations.

olas24u:


stop all these foreign direct investment nonsense,it has always been 419 ,home grown businesses are important, the government should have paid the woman that money or support her

Under the terms of the agreement, the management team,
including CEO Funke Opeke, will continue to serve in their
respective roles.

you don't have knowledge of their complete terms and conditions of the deal, so stop assumptions

abu12:



Under the terms of the agreement, the management team,
including CEO Funke Opeke, will continue to serve in their
respective roles.

you don't have knowledge of their complete terms and conditions of the deal, so stop assumptions

its now controlled from outside and all the data and available information that affects national security will be in foreign hands.