- IHS Holding Limited (IHS, Financial) agrees to sell 100% of its Rwanda operations to Paradigm Tower Ventures.
- The transaction is valued at $274.5 million, with a closing expected in the second half of 2025, subject to regulatory approvals.
- This sale reflects a strategic initiative for IHS to enhance shareholder value.
IHS Holding Limited (IHS), a leading global owner and operator of shared communications infrastructure, has announced an agreement to sell its entire operations in Rwanda to Paradigm Tower Ventures. The operation includes approximately 1,465 sites. The deal is contingent on customary closing conditions, including government and regulatory approvals, and is anticipated to finalize in the latter half of 2025.
The transaction's enterprise value stands at $274.5 million, suggesting a significant premium with a transaction multiple of 8.3x adjusted EBITDA after leases. This figure highlights the high value proposition of IHS Rwanda in comparison to the broader valuation of the IHS Towers group.
Sam Darwish, Chairman & CEO of IHS Towers, remarked that the sale underscores the strategic initiatives aimed at increasing shareholder value and recognizes the success of their Rwanda operations over the past decade. Meanwhile, Stephen Harris, Co-founder of Paradigm Tower Ventures, expressed enthusiasm about expanding their footprint in Rwanda, a market with substantial demand for shared wireless infrastructure.
IHS Towers, headquartered in London, currently operates over 39,000 towers across eight markets, including Brazil, Cameroon, Colombia, Côte d'Ivoire, Nigeria, South Africa, and Zambia. The transaction marks Paradigm Tower Ventures' first major investment, focusing on growth in Sub-Saharan Africa's wireless infrastructure sector.
