IHS Holding Limited (IHS Towers), one of the world's independent owners, operators, and developers of shared communications infrastructure in terms of tower count, has agreed to sell IHS Rwanda Limited to Paradigm Tower Ventures.
According to IHS Towers, the deal is worth $274.5 million, representing a transaction multiple of 8.3x adjusted EBITDA after leases, and includes about 1.465 sites.
The transaction is subject to standard closing conditions, including government and regulatory clearances, and is scheduled to close in the second half of 2025.
After more than ten years of commercial success in Rwanda, the company stated that the agreement to sell its business to Paradigm Tower Ventures was carefully considered as part of its strategic initiatives aimed at shareholder value creation, and that the East African business is valuable within the company's larger 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,” said Sam Darwish, chairman and CEO, IHS Towers.
Stephen Harris, co-founder of Paradigm Tower Ventures said the East African country presents 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.”
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