IHS Sells Rwandan Tower Assets to Paradigm for $274.5M

IHS Holding Limited , one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count, has agreed to sell 100% of IHS Rwanda Limited (“IHS Rwanda”) including its approximately 1,465 sites to 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 value2 of $274.5 million, implying a transaction multiple of 8.3x adjusted EBITDA after leases3. This represents a significant premium compared to the current valuation multiple of the IHS Towers group.

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. We have enjoyed more than 10 years of commercial success in Rwanda. We are deeply appreciative to our colleagues and customers, in addition to the Government of Rwanda for its exemplary and investor supportive framework, who have all helped make IHS Rwanda the success it is today.

– Sam Darwish, Chairman & CEO, IHS Towers

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.

– Stephen Harris, Co-founder, Paradigm Tower Ventures