Paradigm Towers Acquires IHS Rwanda's 1,465 Telecom Towers for $274.5 Million

In October 2025, Paradigm Tower Ventures finalized a $274.5 million acquisition of IHS Rwanda's 1,465 telecom towers, marking IHS Towers' exit from the country. For Paradigm, co-founded by industry veteran Stephen Harris, Rwanda represents the launchpad for a broader African infrastructure expansion strategy.

Why Rwanda

Harris told TechCabal that negotiations with IHS lasted approximately 18 months. When IHS publicly announced plans to raise half a billion dollars through asset disposals, Paradigm moved to acquire the Rwanda portfolio. Rwanda stood out because of its high-quality assets, strong regulatory environment, and manageable operating challenges compared to other African markets.

Harris explained that compared to other markets, Rwanda does not have the same power supply and security challenges. The high percentage of grid-connected towers with strong reliability provides a foundation for operational efficiency.

Growth Strategy

Paradigm plans to build at least 250 new towers over the next few years to meet growing demand, particularly in underserved rural areas. Harris stated the company has had productive discussions with Rwandan regulators who are committed to improving connectivity and service quality.

Founded in 2019, Paradigm has already operated in Tanzania but considers Rwanda the first market under its newly structured investor platform. The company is using the Rwandan operation as a base to expand across Sub-Saharan Africa.

Financing and Investor Confidence

The acquisition was structured through equity and debt financing, with Rand Merchant Bank acting as the sole funder, mandated lead arranger, and advisor. Harris explained that not all international banks can lend into Rwanda, so the financing was structured so that over time, some debt will be refinanced through local Rwandan banks to hedge against foreign exchange risk.

Abhinav Sinha, BII's Managing Director and Head of Technologies, Telecoms, and Sustainable Industrials, described the deal as part of BII's long-term commitment to digital infrastructure on the continent. Sinha stated that BII sees Paradigm as one of the few companies positioned to expand where others have slowed down.

Why IHS Exited

Harris stated that IHS Towers sold Rwanda not because it was weak, but because it was strong. It was a valuable asset they could divest to raise capital efficiently. Rwanda's small market size presents economic limitations, but Paradigm believes it can overcome these through efficient operations and strategic expansion.

Harris explained that while Rwanda is not as large as Nigeria, it has strong digital growth. The government is progressive, data consumption is rising, and there is headroom for growth. Additionally, the technology landscape has evolved with solar and battery innovations making it viable to serve previously uneconomic rural areas.

Technology and Cost Efficiency

Paradigm is exploring solar-hybrid power systems for off-grid expansion and smaller, more cost-efficient tower designs. Harris stated that the economics of shared infrastructure have improved, with equipment becoming more power-efficient and batteries cheaper. This allows economically viable rollouts even in low-density areas.

Expansion Criteria

While Harris did not disclose specific new markets, he confirmed Paradigm is assessing several Sub-Saharan African countries for entry. The company looks for markets with strong rule of law, viable mobile operators, and an enabling regulatory framework. Harris emphasized that if Paradigm cannot compete ethically or operate transparently, it will not enter a market.

Addressing Digital Inclusion

As Rwanda's largest tower company, Paradigm inherits both responsibility and opportunity. Harris stated there are multiple layers to affordability. Smartphones are becoming cheaper—available for $30—but networks supporting them must be cost-efficient. Paradigm is investing in renewable-powered towers and smaller builds that lower operating costs.

Sinha highlighted that connectivity creates jobs, with people using mobile internet for trade, logistics, and information access. Governments are beginning to see digital access as a policy tool for economic development.

Measuring Success

Harris defined success in two ways: meeting customer demand by building new sites where operators need them, and extending coverage to rural areas that remain unconnected. The goal is making connectivity universal, affordable, and sustainable.