IHS Towers, one of the world’s largest independent owners and operators of telecom towers, is set to exit the Rwandan market in a high-value deal that signals both success and strategic realignment. It was operating as IHS Rwanda Ltd.
The company has agreed to sell its entire Rwandan operations — comprising around 1,465 tower sites — to Paradigm Tower Ventures for $274.5 million.
The deal represents a transaction multiple of 8.3x adjusted EBITDA after leases, a strong premium over IHS Towers’ overall group valuation.
This move is part of IHS Towers’ wider strategy to streamline operations and boost shareholder value by divesting selected assets.
The transaction, subject to regulatory approvals, is expected to close in the second half of 2025.
Sam Darwish, Chairman and CEO of IHS Towers, described the decision as carefully evaluated and underscored Rwanda’s role in the company’s over 10-year legacy of commercial success in the region.
He praised Rwanda’s investor-friendly environment and credited the success of IHS Rwanda to the collaboration of dedicated staff, customers, and government support.
Paradigm Tower Ventures — founded by experienced telecom executives Stephen Harris, Hal Hess, and Steven Marshall — is acquiring the Rwandan portfolio as its first major investment.
The new platform is backed by a consortium of equity and debt investors, and aims to build scalable, shared wireless infrastructure across Sub-Saharan Africa.
Harris noted Rwanda’s growing demand for high-quality telecom infrastructure and expressed confidence in building a strong, customer-centric business.
While IHS Towers exits Rwanda, it leaves with significant gains. The Rwandan unit contributed $37.6 million in adjusted EBITDA in the 12 months leading to March 2025, and the transaction price reflects strong market confidence in the value of these assets.
IHS Towers, which operates over 39,000 towers across eight emerging markets including Nigeria, Brazil, and South Africa, sees the sale as a way to refocus efforts on core, higher-growth regions.
The deal highlights investor appetite for Africa’s telecom infrastructure sector and reinforces Rwanda’s reputation as a stable and attractive destination for international investment.
With Paradigm stepping in to build on the foundation laid by IHS, Rwanda’s digital infrastructure development appears well-positioned for continued growth.
In exiting Rwanda with a profitable transaction, IHS Towers not only strengthens its balance sheet but also opens the door for new players like Paradigm to take the country’s telecom infrastructure to the next level.
