BREAKING: IHS Towers to sell Rwanda operations to Paradigm Tower Ventures for $274.5 million

IHS Holding Limited, a global leader in shared telecommunications infrastructure, has agreed to sell its Rwandan operations to Paradigm Tower Ventures in a deal valued at an enterprise value of $274.5 million. The transaction, announced today, is part of IHS’s strategy to optimize its portfolio and enhance shareholder value.

The sale encompasses 100% of IHS Rwanda Limited, which includes approximately 1,465 telecommunication towers across the East African nation. The agreed price represents an 8.3x multiple of adjusted EBITDA after leases, a figure IHS highlighted as a “significant premium” to its current group valuation, underscoring the robust performance and market standing of the Rwandan business.

“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,” said Sam Darwish, Chairman and CEO of IHS Towers.

Darwish further expressed gratitude to the Government of Rwanda, customers, and employees who have helped shape IHS Rwanda’s decade-long success story, calling the country’s investment environment “exemplary and supportive.”

Paradigm Tower Ventures, a company focused on emerging market telecom infrastructure, sees the acquisition as a gateway to a growing market.

“Rwanda represents an exciting market with high demand for shared wireless infrastructure,” said Stephen Harris, Co-founder of Paradigm. “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.”

According to financial disclosures, IHS Rwanda contributed $37.6 million in adjusted EBITDA over the 12 months which ended March 31, 2025, with $4.4 million deducted for lease costs resulting in a net adjusted EBITDA after leases of $33.2 million.

This divestment marks another step in IHS Towers’ broader efforts to optimise its operations, reduce debt, and focus on core markets. The sale also reflects growing investor interest in Africa’s digital infrastructure space, where rising mobile penetration and data demand continue to drive the need for reliable, scalable tower networks.