Global independent tower company IHS Towers announced on Thursday that it has officially completed the sale of its Rwanda unit and its approximately 1,467 sites to Paradigm Tower Ventures.
The sale, first announced in May 2025, will see Paradigm acquire 100% of shares in IHS Rwanda Limited via the Paradigm Infrastructure Holdings (PIH) vehicle, as part of a consortium with Convergence Partners Digital Infrastructure Fund (CPDIF), British International Investment (BII), and Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO).
IHS Towers said its exit from Rwanda is part of a broader strategic initiative “targeted at shareholder value-creation options”.
As we reported earlier, the transaction was valued at US$274.5 million, which implies a transaction multiple of 8.3x adjusted EBITDA after leases. IHS said at the time that the Rwanda deal represented a significant premium compared to the current valuation multiple of the IHS Towers group.
The deal also marked the first investment by Paradigm Tower Ventures, which is focused on growing new-build shared wireless infrastructure in sub–Saharan Africa. 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.
JPMorgan acted as financial advisor to IHS Towers on the IHS Rwanda transaction.
