IHS Towers has struck a transformative deal to sell its Rwandan operations to Paradigm Tower Ventures, marking a significant shift in Africa’s telecom infrastructure landscape. Valued at $274.5 million, the transaction includes approximately 1,465 towers and is expected to close in the second half of 2025, subject to regulatory approvals.
This sale represents both a profitable exit and a strategic recalibration for IHS Towers, a global giant with over 39,000 towers across eight emerging markets. While the company continues to expand in major markets like Nigeria, Brazil, and South Africa, the decision to divest from Rwanda underscores its intent to refocus on higher-growth regions. The 8.3x adjusted EBITDA multiple tied to the sale reflects strong investor confidence in Rwanda’s telecom sector.
Sam Darwish, Chairman and CEO of IHS Towers, framed the decision as part of the company’s long-term strategy to enhance shareholder value. “This exit highlights the strength and success of our decade-long presence in Rwanda,” he stated, adding that the move was carefully considered to unlock capital for reinvestment in core markets.
Despite IHS’s departure, Rwanda’s telecom future looks promising. Paradigm Tower Ventures, making its first major foray into the continent’s infrastructure scene, is stepping in with ambitious plans. Founded in 2019 by seasoned industry veterans Stephen Harris, Hal Hess, and Steven Marshall, Paradigm is backed by a consortium of equity and debt investors and aims to build scalable, customer-focused, shared wireless infrastructure across sub-Saharan Africa.
“Rwanda presents an exciting opportunity,” said Stephen Harris, co-founder of Paradigm. “We see strong demand for high-quality, secure, and shared telecom infrastructure. This acquisition lays the foundation for our expansion strategy.”
For Rwanda, the shift marks the beginning of a new chapter in its digital infrastructure journey. Known for its investor-friendly policies and commitment to technological growth, the country is expected to benefit from Paradigm’s renewed focus and long-term commitment. The $37.6 million in adjusted EBITDA generated by IHS Rwanda over the past year underscores the value and growth potential of the sector.
Industry analysts view this transaction as part of a broader trend of portfolio optimization by major telecom tower firms. As operators reassess geographic priorities, smaller and newer players like Paradigm are finding openings to gain ground, particularly in under-served or high-potential markets.
The Rwandan government, which has played a pivotal role in creating a supportive business environment, is expected to welcome the transition. With Paradigm looking to ramp up investments and expand tower coverage, the deal could help accelerate Rwanda’s digital transformation and support growing mobile connectivity needs.
In effect, IHS Towers’ strategic exit from Rwanda isn’t a sign of retreat—it’s a baton pass. And with Paradigm Tower Ventures ready to run with it, Rwanda’s telecom future seems to be in capable hands.
