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IHS Towers

IHS is a leading provider of communications infrastructure

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CAPITAL HELD BY WENDEL
19
%¹
AMOUNT INVESTED BY WENDEL
$830
m
YEAR OF ACQUISITION
2013

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 39,229 towers², 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 and Latin America.

(1) Stake held and amount of equity invested by Wendel at December 31, 2024 for the stake held at that date, corresponding to €662 million.
(2) Tower count as of December 31, 2024.
Chiffres clés
icon
$1,711 m
2024 sales
i-1
No. 1
in Africa
monde-monde-2
8
countries
tour-telecom-2
39,229
towers in portfolio2
(2) Number of towers as of December 31, 2024.

Why did we invest in IHS?

IHS is a leading provider of communications infrastructure for mobile phone operators. Over the last 23 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 MTN, Airtel, TIM and Orange.

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 60% of group sales in 2024. IHS’s business is being buoyed by long‑term trends that make Africa a strong growth region for communications infrastructure.

In October 2021, IHS Towers listed publicly on the New York Stock Exchange. At and since the IPO, Wendel has not sold any shares.

IHS

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.

05-sam-darwish
Sam Darwish
Founder, Chairman and CEO

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

jerome-michiels
Jérôme Michiels
Executive Vice-President of Wendel

Key milestones of the investment

2012
2013
2014
2015
2016
2017
2021
2012
October 29, 2012
Wendel signs its first direct investment in Africa and selects the telecommunication infrastructure sector
2013
May 14, 2013
Wendel is now IHS’ largest shareholder with $176m invested
July 24, 2013
Wendel increases it investment in IHS to $276m
2014
March 3,2014
Wendel supports IHS in a new capital increase, boosting its total investment to $428m
April 16, 2014
Wendel increases its total investment in IHS to $475m
November 3, 2014
Wendel has committed an additional $304m in IHS, which will bring its total investment to $779m
December 15, 2014
Wendel has invested $195m out of the $304m committed by the Group in IHS
2015
July 8, 2015
Wendel invests $109m and completes its latest investment in IHS bringing its total investment to $779m
2016
September 8, 2016
Wendel invests $46m in IHS to finance its growth and development
2017
Febuary 1st, 2017
Simplification of IHS’s capital structure
2021
September 17, 2021
IHS Holding Limited publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission
October 4, 2021
IHS Holding Limited announced today it has commenced an initial public offering on the New York Stock Exchange
October 14, 2021
IHS Holding Limited announced today the pricing of its initial public offering on the New York Stock Exchange, at a public offering price of $21.00 per share

$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.

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’ 2024 Sustainability Report.

Learn more about IHS Towers’ ESG strategy

Top management

of IHS
05-sam-darwish
Sam Darwish
Founder, Chairman and CEO

Wendel’s role in corporate governance

Franck Dangeard was proposed by Wendel to sit on the Board of IHS which comprises 9 directors in total.

#LETTER TO SHAREHOLDERS
30 April 2021
IHS Towers acquires new telecom towers in Latin America
All news
– Press release
26 June 2025
IHS South Africa and Project Isizwe Launch Free, Uncapped Public Wi-Fi in KwaMashu
All press releases
 
19 June 2025
IHS Nigeria and UNICEF Partner to Deliver Emergency Support to Flood-Affected Communities in Niger State
Useful links
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Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. All persons who wish to have access to the documents contained in this section of the Seller’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been or will be obtained. The Seller assumes no responsibility if there is a violation of applicable law and regulations by any person.

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The information contained in this section of the website of Wendel SE, parent company of Eufor SAS (together “Wendel”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Issuer”) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Issuer referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  The Securities have not been and will not be registered under the applicable securities laws of Australia or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents.  All persons who wish to have access to the documents contained in this section of Wendel’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them.  No such registration or approval has been or will be obtained.  Wendel assumes no responsibility if there is a violation of applicable law and regulations by any person.

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