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    In the world of investment, Wendel is unique.

    Its permanent capital and stable shareholder base give it the time and ability to carefully select and nurture the companies in which it invests. 

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    Wendel is a company with an Executive Board and a Supervisory Board, thereby setting out a clear division of responsibilities between the executives and the shareholders and between the company's management and its supervision.

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    Supporting investment with our international presence

    1.  France
    2.  Luxembourg
    3.  North America
  • Companies

    Wendel Group companies are leaders in their industries and make innovation central to their development.

    Bureau Veritas
    35.8%
    Certification and verification
    Constantia Flexibles
    60.8%
    Flexible packaging
    Crisis Prevention Institute
    96.1 %
    Training services
    Cromology
    95.4%
    Manufacture and distribution of paints
    IHS
    21.4%
    Global mobile telecom infrastructure
    Stahl
    67.8%
    High-performance coatings and leather-finishing products
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    17/10/2014 12:09:09

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    NAV per share as of 12.31.20
    €159.1

    Press releases

    2020 Universal Registration Document

  • ESG

    Investing for the long-term

    Engaging with entrepreneurial teams to build sustainable leading companies

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logo_ihs_header_societe.png

vignette_video_ihs.png

See the video
21.4
Capital held by Wendel
(1) as of December 31, 2020. Ownership rate before dilutive effect of profit-sharing mechanism.
IHS is the leading provider of telecom infrastructure in the EMEA region

IHS is one of the largest independent owners, managers and operators of telecommunications towers in the world. It is also a leader in the EMEA zone in numbers of towers. The Group builds, leases and manages telecommunications towers that it owns or that are owned by others. With approximately 28,000 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, the Middle East and Latin America.

Key figures

2020 Sales

$1,403.1 m 

Present in

9 countries

Amount invested by Wendel

$830m since 2013 (2)

Number of towers in portfolio

27,807 (3)

Employees

c. 2,000

No.1 in Africa

(2) Amount of equity invested by Wendel as of December 31, 2020. (3) Tower count excluding managed services and WIP as of December 31, 2020.

Why did we invest in IHS?

IHS is a leading provider of passive telecom tower infrastructure for mobile phone operators. Over the last 19 years, the Group has successfully developed along the entire telecom tower value chain, from construction to leasing via maintenance. It provides market-leading service to its customers, who are among the leading telecom operators such as Airtel, MTN, Orange, and 9mobile.

With its investment in IHS, Wendel made its first direct investment in Africa, thereby demonstrating its intention, at this time, to gain exposure to the rapid growth the continent is experiencing and to participate therein. Wendel has chosen a company whose positive momentum is expressed in its projects, its high-quality management and its outlook for balanced and profitable growth in several important and promising African nations, especially in Nigeria which represents about 75% of group revenue. 

Key milestones of the investment

  • 10.29.2012
    Wendel signs its first direct investment in Africa and selects the telecommunication infrastructure sector
  • 05.14.2013
    Wendel is now IHS’ largest shareholder with $176m invested
  • 07.24.2013
    Wendel increases it investment in IHS to $276m
  • 03.03.2014
    Wendel supports IHS in a new capital increase, boosting its total investment to $428m
  • 04.16.2014
    Wendel increases its total investment in IHS to $475m
  • 11.03.2014
    Wendel has committed an additional $304m in IHS, which will bring its total investment to $779m
  • 12.15.2014
    Wendel has invested $195m out of the $304m committed by the Group in IHS
  • 07.08.2015
    Wendel invests $109m and completes its latest investment in IHS bringing its total investment to $779m
  • 09.08.2016
    Wendel invests an additional $46m in IHS to finance its growth and development
  • 02.01.2017
    Simplification of IHS’s capital structure
    • Wendel signs its first direct investment in Africa and selects the telecommunication infrastructure sector - 129.73 KB - PDF
    • Wendel is now IHS’ largest shareholder with $176m invested - 342.5 KB - PDF
    • Wendel increases it investment in IHS to $276m - 289.95 KB - PDF
    • Wendel supports IHS in a new capital increase, boosting its total investment to $428m - 196.8 KB - PDF
    • Wendel increases its total investment in IHS to $475m - 249.31 KB - PDF
    • Wendel has committed an additional $304m in IHS, which will bring its total investment to $779m - 145.28 KB - PDF
    • Wendel has invested $195m out of the $304m committed by the Group in IHS - 174.26 KB - PDF
    • Wendel invests $109m and completes its latest investment in IHS bringing its total investment to $779m - 167.44 KB - PDF
    • Wendel invests an additional $46m in IHS to finance its growth and development - 603.46 KB - PDF
    • Simplification of IHS’s capital structure - 273.59 KB - PDF
    Read the press release



    02.01.2017 - Simplification of IHS’s capital structure




    02.01.2017 - Simplification of IHS’s capital structure - 273.59 KB - PDF





    09.08.2016 - Wendel invests $46m in IHS to finance its growth and development




    09.08.2016 - Wendel invests $46m in IHS to finance its growth and development - 603.46 KB - PDF





    07.08.2015 - Wendel invests $109m and completes its latest investment in IHS bringing its total investment to $779m (in French)




    07.08.2015 - Wendel invests $109m and completes its latest investment in IHS bringing its total investment to $779m (in French) - 167.44 KB - PDF





    12.15.2014 - Wendel has invested $195m out of the $304m committed by the Group in IHS




    12.15.2014 - Wendel has invested $195m out of the $304m committed by the Group in IHS - 174.26 KB - PDF





    11.03.2014 - Wendel has committed an additional $304m in IHS, which will bring its total investment to $779m




    11.03.2014 - Wendel has committed an additional $304m in IHS, which will bring its total investment to $779m - 145.28 KB - PDF





    04.16.2014 - Wendel increases its total investment in IHS to $475m




    04.16.2014 - Wendel increases its total investment in IHS to $475m - 249.31 KB - PDF





    03.03.2014 - Wendel supports IHS in a new capital increase, boosting its total investment to $428m




    03.03.2014 - Wendel supports IHS in a new capital increase, boosting its total investment to $428m - 196.8 KB - PDF





    07.24.2013 - Wendel increases it investment in IHS to $276m




    07.24.2013 - Wendel increases it investment in IHS to $276m - 289.95 KB - PDF





    05.14.2013 - Wendel is now IHS’ largest shareholder with $176m invested




    05.14.2013 - Wendel is now IHS’ largest shareholder with $176m invested - 342.5 KB - PDF





    10.29.2012 - Wendel signs its first direct investment in Africa and selects the telecommunication infrastructure sector




    10.29.2012 - Wendel signs its first direct investment in Africa and selects the telecommunication infrastructure sector - 129.73 KB - PDF



     

    IHS’s business is being buoyed by long-term trends that make Africa a strong growth region for telecom infrastructure:

    • growth potential is higher than in mature economies, both in terms of GDP and demographics. In Sub-Saharan Africa, GDP has grown by 5% p.a. on average over the last fifteen years and the continent’s population is young, with a growing middle class;
    • the telecom market in Africa is expanding steadily, driven by a continuous rise in the number of subscribers, expected to increase by more than 5% p.a. between 2018 and 2025, and by an increase in the smartphone penetration rate, which at 40% at the end of 2018 is one of the lowest in the world; and is expected to raise to 66% in 2025;
    • telecom operators need to extend their network coverage on a continent whose population density is low. This situation favors the sharing model for telecom towers. The need for new towers in Africa is estimated at around 170,000 units over the next few years, which would bring the total to 350,000;
    • regulations are encouraging sharing of tower space so as to rapidly increase the coverage of telecom networks;
    • new mobile internet services (3G and 4G deployment) are constantly being rolled out. In 2018, there were about 240 million mobile Internet users in Africa. This figure is expected to double by 2025.

    $830 million invested by Wendel

    To support IHS’s pan-African growth strategy, Wendel invested $826 million between 2013 and 2016, by 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.

    Among the shareholders are Emerging Capital Partners, a leader in private equity in Africa with more than 60 investments since 1997, International Finance Corporation (IFC), part of the World Bank Group, FMO, the Netherlands development bank, and Investec Asset Management, one of the largest investors in listed and unlisted companies in Africa. In 2014, new investors chose to support the growth of IHS, in particular 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. FFP, Sofina, ERES 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.

    On February 1, 2017, MTN Group (“MTN”) finalized the exchange of its 51% stake in Nigeria Tower InterCo B.V, the operating holding company of INT Towers Limited, which manages more than 9,000 towers in Nigeria, for an additional direct stake in IHS Holding Limited (“IHS”). As a result of this transaction MTN’s economic interest in IHS Group increased from around 15% to around 29%. To preserve IHS’ independence, MTN’s voting rights, representation and access to information on IHS will remain limited.

    Following this simplification of IHS’ capital structure, Wendel holds 21.3%* of the share capital of IHS directly and remains IHS’ largest shareholder in voting rights with unchanged governance rights as a minority shareholder.

    * Amount of equity invested by Wendel as of December 31, 2019, for the stake held at that date. Effective ownership of 19.2% dilutive effect of profit-sharing mechanism.

    “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 of IHS

    Sustainable development and extra-financial information

    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.

    For more information, visit IHS Towers' website.

    Top management

    Sam Darwish
    Founder, Executive Vice Chairman
    and Group CEO 

    Wendel's role in corporate governance

    Board of Directors 

    Frank Dangeard
    Jérôme Michiels (nomination pending)

    Audit Committee 

    Frank Dangeard
    Jérôme Michiels (nomination pending)

    Compensation Committee

    Frank Dangeard
    Jérôme Michiels (nomination pending)

    For more information

    • IHS' website
    • Twitter
    • Linkedin

    • IHS Towers 2019 sustainability report
    • Groupe
      • Purpose & Values
      • Strategy
      • Our shareholders
      • History
      • Contacts

      In the world of investment, Wendel is unique.

      Its permanent capital and stable shareholder base give it the time and ability to carefully select and nurture the companies in which it invests. 

      Read more
      • Purpose & Values
      • Strategy
      • Our shareholders
      • History
      • Contacts
    • Gouvernance
      • Governance principles
      • Supervisory board
      • Executive Board

      Wendel is a company with an Executive Board and a Supervisory Board, thereby setting out a clear division of responsibilities between the executives and the shareholders and between the company's management and its supervision.

      Read more
      • Governance principles
      • Supervisory board
      • Executive Board
    • Équipes
      • Corporate teams
      • Investment teams

      Supporting investment with our international presence

      1.  France
      2.  Luxembourg
      3.  North America
      • Corporate teams
      • Investment teams
    • Companies

      Wendel Group companies are leaders in their industries and make innovation central to their development.

      Bureau Veritas
      35.8%
      Certification and verification
      Constantia Flexibles
      60.8%
      Flexible packaging
      Crisis Prevention Institute
      96.1 %
      Training services
      Cromology
      95.4%
      Manufacture and distribution of paints
      IHS
      21.4%
      Global mobile telecom infrastructure
      Stahl
      67.8%
      High-performance coatings and leather-finishing products
      • Bureau Veritas
      • Constantia Flexibles
      • Crisis Prevention Institute
      • Cromology
      • IHS
      • Stahl
    • Investors
      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts

      17/10/2014 12:09:09

      Loading...

       

      NAV per share as of 12.31.20
      €159.1

      Press releases

      2020 Universal Registration Document

      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts
    • ESG

      Investing for the long-term

      Engaging with entrepreneurial teams to build sustainable leading companies

      Visit the ESG page

      • ESG Performance
      • ESG Approach
      • ESG at Wendel
      • ESG in companies
      • Ethics & Compliance
      • ESG Policies
      • Extra-Financial Performance Declaration
      • Corporate Patronage and Solidarity
      • ESG News
      • 2020 ESG Brochure
      • ESG Contact
      • ESG Performance
      • ESG Approach
      • ESG at Wendel
      • ESG in companies
      • Ethics & Compliance
      • ESG Policies
      • Extra-Financial Performance Declaration
      • Corporate Patronage and Solidarity
      • ESG News
      • 2020 ESG Brochure
      • ESG Contact
    • Press portal
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