IHS Holding Limited, one of the world’s largest independent owners and operators of shared telecommunications infrastructure, has announced an agreement to sell its Rwandan subsidiary, IHS Rwanda Limited, to Paradigm Tower Ventures.
The deal, which includes the transfer of approximately 1,465 tower sites, is valued at $274.5 million and reflects a transaction multiple of 8.3x adjusted EBITDA after leases. Pending customary regulatory and government approvals, it is expected to close in the second half of 2025.
“This agreement to sell our Rwanda operations to Paradigm Tower Ventures was carefully considered as part of our broader strategy to enhance shareholder value,” said Sam Darwish, Chairman and CEO of IHS Towers. “We are proud of over a decade of successful operations in Rwanda, and we remain grateful to our colleagues, customers, and the Government of Rwanda for creating a supportive environment for investment.”
Paradigm Tower Ventures, a U.S.-based tower infrastructure firm, expressed confidence in Rwanda’s telecommunications sector’s potential.
“Rwanda represents an exciting market with high demand for shared wireless infrastructure,” said Stephen Harris, Co-founder of Paradigm Tower Ventures. “We are committed to building a strong, customer-focused business that delivers secure and high-quality infrastructure to mobile network operators.”
The acquisition marks Paradigm’s first major entry into the East African market and aligns with growing investor interest in Africa’s digital infrastructure expansion.
