IHS Towers signs agreement to sell Kuwait operations to Zain Group

IHS Holding (IHS) has signed a definitive agreement to sell IHS Towers’ 70% interest in IHS Kuwait including its approximate 1,675 sites and an additional approximately 700 sites managed in Kuwait to Zain Group. The transaction is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the first half of 2025. The terms of the transaction reflect an enterprise value of $230 million for the IHS Kuwait portfolio, implying a transaction multiple of 14.2x based on an estimated IHS Kuwait Adjusted EBITDA after leases. This represents a significant premium compared to the current valuation multiple of the IHS Towers group. Entering into this agreement is part of IHS Towers’ ongoing strategic review targeted at shareholder value-creation options. As previously indicated, the proceeds will primarily be utilized to reduce company debt.