IHS Towers

IHS is a leading provider of communications infrastructure

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IHS is one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count. IHS is also the largest independent multinational towerco solely focused on the emerging markets. The group builds, leases and manages communications towers that it owns or which are owned by others. With 39,652 towers, IHS supports the leading mobile phone operators in each of its markets and is well-placed for future organic growth given the strong demand for infrastructure needs across Africa, Latin America and the Middle East.

(1) Stake held and amount of equity invested by Wendel at December 31, 2022 for the stake held at that date, corresponding to €662 million.
Chiffres clés
$1,961.3 m
2022 sales
$830 m
amount invested by Wendel since 2013
c. 2800
towers in portfolio(2)
(2) The number of towers is indicated as of December 31, 2022, except for GD Towers which is indicated as of February 23, 2023.

Why did we invest in IHS?

IHS is a leading provider of communications infrastructure for mobile phone operators. Over the last 22 years, the group has successfully developed along the entire telecom tower value chain, from construction and maintenance to leasing. It provides market-leading services to its customers, who are leading telecom operators, including Airtel, MTN, Orange, TIM and 9mobile.

With its investment in IHS, Wendel made its first direct investment in Africa, demonstrating at this time its intention to gain exposure to and participate in the continent’s rapid growth. Wendel chose a company with an increasing number of projects, high-quality management and an outlook of balanced and profitable growth in several important and promising African nations, especially in Nigeria which represents 68% of group sales as of Q422.


Quotes from

Wendel is a long-term investor and therefore the ideal partner to support our high-growth, pan-African strategy. Wendel’s expertise, network and strong reputation are all advantages for IHS’s future.

Sam Darwish
Founder, Executive Vice Chairman and Group CEO

IHS is driven by major long-term trends that offer it solid growth prospects and opportunities for international development.

Jérôme Michiels
Executive Vice-President of Wendel

$830 million invested by Wendel

To support IHS pan-African growth strategy, Wendel invested $826 million between 2013 and 2016, participating in five capital increases alongside IHS’s shareholders, who are primarily major financial institutions active in economic development and top-tier private equity companies. In 2019, Wendel exercised warrants in IHS that were issued in 2012 for a net value of $4 million.

IHS’ shareholders before its IPO include MTN, Emerging Capital Partners, International Finance Corporation (IFC), part of the World Bank Group, FMO, the Netherlands development bank, Investec Asset Management (now Ninety-One), Goldman Sachs, IFC Global Infrastructure Fund, African Infrastructure Investment Managers (Old Mutual and previously Macquarie), and the Singapore and Korean sovereign wealth funds GIC and KIC.

In addition, Wendel has brought together five US and European family investors (incl. Peugeot Invest, Sofina, funds managed by Edmond de Rothschild now Elyan Partners, and Luxempart) to invest alongside it in IHS. In addition to the $830 million it has invested, Wendel has thus far raised an additional $220 million through an IHS co-investment vehicle that Wendel manages and whose voting rights Wendel exercises. This co-investment vehicle was terminated shortly after the IHS IPO and the shares were distributed to the co-investors in 2022.

IHS’ ESG approach

The purpose of IHS Towers is to have a positive impact on communities in the countries where it operates, helping to improve the quality and availability of telecom infrastructure in an increasingly connected world.

Its investments in telecoms towers help to connect individuals, businesses and governments. With increased connectivity of individuals, opportunities for expansion are increasing. The impact of IHS Towers goes beyond the benefits of connectivity, in particular through the four pillars of its sustainable development strategy: Education and Economic Growth, Ethics and Governance, Employees and Communities and Environment and Climate Change.

Read IHS Towers’ 2022 Sustainability Report.

Wendel’s role in corporate governance

Board of Directors
Frank Dangeard

Audit Committee
Frank Dangeard

Compensation Committee
Frank Dangeard

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