Sam Darwish’s IHS sells Rwanda towers for $274 million

IHS Towers, a global telecom infrastructure group led by U.S.-Nigerian telecom tycoon Sam Darwish, has completed the sale of its Rwandan operations to Paradigm Tower Ventures for $274.5 million, marking another step in its plan to streamline and strengthen its African business.

The deal gives Paradigm Tower Ventures, a company backed by Convergence Partners Digital Infrastructure Fund (CPDIF), British International Investment (BII), and Proparco, 1,465 telecom towers. The sale fits with IHS’s goal of focusing on markets where it has more scale and makes more money.

Refining its African strategy to balance growth

The Rwanda sale follows IHS’s $230 million divestment from Kuwait earlier this year, both part of a wider plan to reduce debt, free up cash, and reinvest in core markets such as Nigeria, Brazil, and South Africa. For IHS, this exit is not a retreat but a recalibration, which reflects a broader pattern among global tower operators in a bid to prioritize stability and capital efficiency over rapid expansion.

Firms such as Helios Towers and American Tower have also been trimming exposure in smaller markets to deepen operations where margins are higher. With this sale, Paradigm Tower Ventures, founded in 2019, makes its first large-scale investment in sub-Saharan Africa. 

Supported by a blend of equity and debt investors, Paradigm plans to expand across emerging markets where mobile connectivity is driving new economic activity. The deal gives Paradigm an instant foothold in East Africa, one of the continent’s fastest-growing telecom regions. Rwanda’s mobile penetration has climbed past 90 percent, and government efforts under the “Smart Rwanda 2025” program are fueling demand for broadband and network upgrades.

IHS Towers navigate shifting headwinds

Founded in 2001 by U.S.-Nigerian telecom entrepreneur Sam Darwish, and listed on the New York Stock Exchange two decades later, IHS Towers has become the world’s third-largest independent tower operator, managing more than 40,000 sites across Africa, Latin America, and the Middle East.

Darwish, who owns 4.17 percent, continues to lead IHS’s expansion in digital infrastructure. The Rwanda exit closes an early chapter in IHS’s African story, which began with a single tower lease in Nigeria and grew into a continental network. It reflects a shift among African multinationals from rapid expansion to disciplined, value-driven growth.

As investors increasingly target Africa’s digital infrastructure, IHS’s recalibrated strategy shows that sometimes, stepping back is the way to move forward.