05 November 2025

IHS Towers has announced the successful completion of its sale of the Rwanda division, including approximately 1,467 sites, to Paradigm Tower Ventures.

The transaction, which was first disclosed in May 2025, involves Paradigm acquiring all shares of IHS Rwanda Limited through its Paradigm Infrastructure Holdings (PIH) vehicle. The deal was executed as part of a consortium that includes Convergence Partners Digital Infrastructure Fund (CPDIF), British International Investment (BII), and Société de Promotion et de Participation pour la Coopération S.A. (PROPARCO).

IHS Towers stated that its exit from Rwanda aligns with its broader strategic goal of creating value for shareholders through targeted divestments. The transaction was valued at around US$274.5 million, translating to a multiple of approximately 8.3 times adjusted EBITDA after leases. At the time of the announcement, IHS highlighted that the Rwanda deal offered a significant premium over the group’s current valuation multiple, reflecting the strategic importance of the sale.

This deal also marks Paradigm Tower Ventures’ inaugural investment. Focused on expanding shared wireless infrastructure across sub-Saharan Africa, Paradigm Tower Ventures is a part of Paradigm Infrastructure, which was established in 2019 to develop shared wireless facilities in emerging and growing markets. JPMorgan served as the financial advisor to IHS Towers for the Rwanda transaction, facilitating the execution of this strategic divestment.