The recent announcement that IHS Holding Limited will divest its Rwandan operations to Paradigm Tower Ventures for $274.5 million may appear, at first glance, to signal a retreat from a complex or unprofitable market. However, a closer examination suggests a more nuanced interpretation, one that challenges the assumption that asset sales equate to market failure or operational difficulty. IHS’s decade-long tenure in Rwanda has, by their own account, been commercially successful. The sale is framed by CEO Sam Darwish as a calculated move aligned with broader shareholder value-creation strategies rather than a forced exit. Indeed, IHS’s statement emphasizes the value of the Rwandan assets and notes the company’s continued enthusiasm for opportunities across its global portfolio, especially as 5G rollouts accelerate in key markets. This shift, then, may represent strategic optimization rather than retreat. With over 39,000 towers spanning Africa and Latin America, IHS appears to be refocusing on higher-yield or higher-growth territories. Rwanda, while growing, may no longer align with the company’s scale-driven investment priorities. Meanwhile, the transaction underscores growing investor interest in Rwanda’s telecom infrastructure. Paradigm Tower Ventures’ acquisition, backed by both equity and debt financing, signals confidence in the country’s long-term demand for shared wireless infrastructure. Paradigm’s co-founder Stephen Harris describes Rwanda as an “exciting market,” not one to be exited out of necessity but entered with intention. Financially, the numbers back this optimism. Rwanda contributed $37.6 million to IHS’s adjusted EBITDA in the past year, hardly a negligible figure. If anything, the deal highlights Rwanda’s potential as a profitable market for the right strategic player focused more locally. Rather than interpreting IHS’s sale as evidence of a difficult business climate, the transaction should be seen as a maturation of the telecom tower sector in emerging markets. It shows that regional specialisation and capital efficiency are beginning to shape portfolio decisions among major players. This sale is not a referendum on Rwanda’s viability. It is, instead, a reminder that global tower companies must constantly calibrate where and how they deploy capital, and that new entrants like Paradigm are ready to seize the opportunities those calibrations create.
