IHS Towers

IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is the largest independent multinational towerco solely focused on the emerging markets. The Company has nearly 40,000 towers across its 11 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Peru, Rwanda, South Africa and Zambia.

New York Stock Exchange,

Ticker: NYSE: IHS

Stock exchange



$ 2,118m

Turnover: USD (LTM Q1 2023)


Date of acquisition

Registered office
London, UK
Business Sector

One of the largest communications infrastructure provider in Africa, Latin America and the Middle East.

Investment thesis

Our investment thesis was based on the following attributes:

  • resilient business model with recurring revenue
  • strong and seasoned management team
  • services are mission critical and benefit from high barriers to entry
  • strong organic growth and further 4G & LTE rollout acceleration
  • one of the biggest tower operators in Africa well positioned to act as a consolidator in Nigeria and other African countries

embedded growth will be further enhanced by economies of scale (increase in lease-up rate)


  • IHS has delivered strong organic growth reaching c. 40k towers under management across 11 countries
  • Several assets and share deals realised since acquisition
  • Successful expansion in Latin America and the Middle East
  • Increased product range with inbuilding solutions and small cell infrastructure offerings
  • The company was listed on the New York Stock Exchange in October 2021