IHS Towers, one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count, says it has agreed to sell 100% of its IHS Rwanda Limited business, including its approximately 1,465 sites, to tower platform Paradigm Tower Ventures.
The transaction is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the second half of 2025.
The terms of the transaction reflect an enterprise value of US$274.5 million, implying a transaction multiple of 8.3x adjusted EBITDA after leases. This, says IHS, represents a significant premium compared to the current valuation multiple of the IHS Towers group.
Paradigm Tower Ventures is part of Paradigm Infrastructure, which was established in 2019 to pursue opportunities to develop shared wireless infrastructure in selected emerging and growth markets. This is the first investment by Paradigm Tower Ventures, a new tower platform which is focused on the growth of new-build shared wireless infrastructure in sub–Saharan Africa.
Sam Darwish, Chairman & CEO, IHS Towers, says: “The agreement to sell our Rwanda operations to Paradigm Tower Ventures was carefully considered as part of our strategic initiatives targeted at shareholder value-creation options and highlights the value of our Rwanda operations within our wider portfolio.”
Prior to this deal, IHS had over 39,000 towers across its eight markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Nigeria, Rwanda, South Africa and Zambia. In April we reported that IHS and pan-African service provider Airtel had unveiled a plan to expand network reach in Zambia.
Stephen Harris, Co-founder, Paradigm Tower Ventures, says: “Rwanda represents an exciting market with high demand for shared wireless infrastructure. The Paradigm team is very much looking forward to building a strong customer-focused business providing high quality and secure infrastructure to mobile network operators.”
