The deal, announced on Tuesday, May 20, 2025, will see Paradigm Tower Ventures acquire 100% of IHS Rwanda Limited, which operates approximately 1,465 tower sites across the country.
The transaction remains subject to government and regulatory approvals and is expected to be completed in the second half of 2025.
The transaction reflects an enterprise value of $274.5 million, representing a multiple of 8.3 times IHS Rwanda's adjusted EBITDA after leases. The valuation is considered a significant premium compared to the broader IHS Towers group's current market multiple.
'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 IHS Towers Chairman and CEO Sam Darwish.
In a statement reflecting on the company's successful journey in Rwanda, the IHS boss expressed appreciation for the partnerships and conducive environment that have supported the firm's growth over the years.
"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," he added.
Paradigm Tower Ventures, which is making its first investment under a new platform dedicated to wireless infrastructure growth in Sub-Saharan Africa, hailed Rwanda as a promising market.
'Rwanda represents an exciting market with high demand for shared wireless infrastructure,' said Stephen Harris, Co-founder of Paradigm Tower Ventures.
"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.'
Founded in 2019 by seasoned industry executives Stephen Harris, Hal Hess, and Steven Marshall, Paradigm Infrastructure has been involved in various tower acquisitions and operations across Africa.
IHS Towers, listed on the New York Stock Exchange, operates more than 39,000 towers across eight markets, including Brazil, Cameroon, Colombia, Côte d'Ivoire, Nigeria, South Africa and Zambia.
Wycliffe Nyamasege
Source : https://en.igihe.com/business/article/ihs-towers-to-exit-rwanda-in-274-5-million-sale-deal
