IHS Towers has agreed to sell its entire Rwanda operations to Paradigm Tower Ventures for $274.5 million, in a major telecom infrastructure deal announced on Tuesday .
The transaction involves approximately 1,465 tower sites across Rwanda and is part of IHS’s wider strategy to streamline its portfolio and boost shareholder value.
This exit marks a strategic shift for IHS Holding Limited, one of the world’s largest independent telecom tower operators, and opens the door for Paradigm’s expansion in Sub-Saharan Africa.
IHS Towers sells 1,465 Rwandan sites to focus on core markets
The deal will see IHS Towers divest 100 percent of IHS Rwanda Limited to Paradigm Tower Ventures, a new platform founded by telecom veterans and focused on shared wireless infrastructure in emerging markets.
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Valued at an enterprise worth $274.5 million, the transaction represents a multiple of 8.3 times adjusted EBITDA after leases, a strong premium over IHS’s current group valuation, and a testament to the strength of its Rwandan operations.
“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. “We have enjoyed more than 10 years of commercial success in Rwanda.”
Financial disclosures show IHS Rwanda generated $37.6 million in adjusted EBITDA in the 12 months ending March 2025, with net EBITDA after leases totaling $33.2 million.
The transaction, which is still subject to regulatory approvals, is expected to be finalised in the second half of 2025.
Paradigm Tower Ventures eyes growth in Rwanda’s telecom sector
Paradigm Tower Ventures, led by Stephen Harris, Hal Hess, and Steven Marshall, is entering the Rwandan market with ambitions to scale shared infrastructure in a fast-growing region. The firm is backed by a consortium of equity and debt investors and sees this acquisition as its first major move.
“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.”
The acquisition allows Paradigm to leverage Rwanda’s expanding digital landscape and solidify its presence in Sub-Saharan Africa.
Strategic exit signals rising investor interest in African digital infrastructure
With this sale, IHS Towers exits Rwanda on a high note, having secured a profitable deal and reaffirmed its commitment to focusing on higher-growth regions. The company operates over 39,000 towers across eight markets, including Nigeria, South Africa, and Brazil.
The transaction also highlights increasing investor appetite for African digital infrastructure, as mobile penetration and data consumption fuel demand for reliable tower networks.
As Paradigm takes over, Rwanda’s telecom landscape is poised for further development, supported by new capital and deep industry experience.
This deal reflects not just a strategic realignment for IHS, but also growing confidence in Africa’s digital future, with Rwanda once again positioned as a beacon for telecom investment.