HS Holding Limited (operating as IHS Towers) has finalised the sale of its Rwanda operations to Paradigm Tower Ventures, marking a significant shift in its business strategy. This deal, first announced in May, is valued at US$274.5 million and reflects a transaction multiple of 8.3 times adjusted EBITDA after leases, encompassing approximately 1,465 sites.
The company views the sale of its Rwanda operations as part of a larger strategy to enhance shareholder value, especially after over a decade of successful commercial performance in the East African market.
For Paradigm Tower Ventures, this acquisition signifies the inaugural investment in their new Sub-Saharan Africa tower platform, which aims to expand shared wireless infrastructure across the region.
Paradigm is funded by a group of equity and debt investors, including Convergence Partners and Rand Merchant Bank, a segment of FirstRand Bank Limited, which served as the deal’s lead arranger, sole funder, and financial advisor.
Stephen Harris, co-founder and chairman of Paradigm, expressed enthusiasm about the potential of the Rwandan market, noting the strong demand for shared wireless infrastructure. He stated that the Paradigm team is eager to develop a customer-centric business that delivers high-quality and secure infrastructure for mobile network operators.
