Norton Rose Fulbright advises Paradigm on acquisition of IHS Rwanda

Global law firm Norton Rose Fulbright has advised Paradigm Tower Ventures (Paradigm) on the acquisition of 100 percent of the equity shareholding in IHS Rwanda Limited (IHS Rwanda) from IHS Holding Limited (NYSE: IHS) and Paradigm’s debt financing related to the transaction.

The transaction - signed in May 2025 and completed in October 2025 -  saw Paradigm acquire IHS Rwanda, which owns approximately 1,465 telecom tower sites, for an enterprise value of US$274.5 million. The acquisition marks the first investment by Paradigm’s new Sub-Saharan African tower platform, Paradigm Tower Ventures, which is focused on the growth of new build shared wireless infrastructure in Sub–Saharan Africa.

Paradigm Infrastructure was founded by Stephen Harris, Hal Hess and Steven Marshall, experienced former executives of global and African tower businesses, including American Tower Corporation. Paradigm Infrastructure owns 30 percent of Minara Tanzania, which operates approximately 1,800 sites that provide shared infrastructure services to the leading mobile network operators in Tanzania.

Paradigm is backed by a consortium of equity and debt finance providers. The equity investors include Convergence Partners Digital Infrastructure Fund L.P, British International Investment PLC, and Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO). Rand Merchant Bank - a division of FirstRand Bank Limited - acted as mandated lead arranger, sole funder and financial advisor to Paradigm Tower Ventures.

London-based corporate partners Oliver Stacey and Mark Maurice, and banking and finance partner Jessica Melville led the cross-border border team advising Paradigm. They were supported by associates Maria Zeber and Dan Harman (both London) on the corporate transaction, as well as Director Raghemah Hendricks (Johannesburg) and associates David Crone (London) and Shay Roper (Johannesburg) on the debt financing transaction. Partner Dominic Stuttaford (London) advised on key tax aspects of the transaction and Director Mark Griffiths (Johannesburg), and associate Reabetsoe Phori (Johannesburg), provided antitrust and regulatory advice.

Oliver Stacey commented:

“We are pleased to have advised Paradigm on this transaction and to support them as they build on IHS Rwanda’s strong digital infrastructure business in Rwanda.”

Stephen Harris, Co-founder, Paradigm commented:

“Rwanda represents an exciting market with high demand for shared wireless infrastructure. We are delighted by the support that we received from the Norton Rose Fulbright team to deliver this significant and complex transaction.”

Norton Rose Fulbright has a highly successful and long-established global Africa practice, with extensive experience in the infrastructure and natural resources, including telecoms, energy, logistics and mining sectors. The team regularly advises on transformative and high-profile TMT and digital infrastructure transactions across the continent.

The firm’s global digital infrastructure practice advises clients across a broad range of tower, data centre, fibre and cable transactions. The team advises on all aspects of investments, exits, M&A, debt financings, commercial arrangements and regulation in this space.