Wendel Sells Its 19% Stake in IHS Towers for $535 Million
Wendel supports the acquisition offer for IHS Towers by an MTN group entity. This divestiture will enable the investment fund to raise approximately $535 million in net cash, marking a key step in its portfolio rotation strategy.
Support for the Acquisition Offer
Wendel supports the buyout offer for IHS Towers made by an affiliate of MTN, valued at $8.5 per share. This offer represents a 36% premium over the weighted average share price for the 52 weeks preceding February 4, 2026. Upon completion of the transaction, Wendel will receive all cash corresponding to its approximately 19% stake in IHS Towers, resulting in a divestiture proceeds of about $535 million. The sale price also shows a 21% premium compared to the last value recorded in the revalued net assets published by Wendel as of September 30, 2025. The transaction closure is expected in 2026, subject to approval from IHS Towers shareholders, regulatory approvals in the relevant jurisdictions, and customary closing conditions.
Part of a Strategic Portfolio Rotation
This transaction is part of the active portfolio rotation strategy announced during the Investor Day in December 2025. Combined with the divestiture of Stahl to Henkel announced on February 4, 2026, this transaction will generate approximately 1.65 billion euros in liquidity. Wendel has held a stake in IHS Towers since 2012, when the company had only about 1,000 towers in a single country. At the time of this divestiture, IHS Towers operates over 37,000 towers across seven markets: Brazil, Cameroon, Colombia, Côte d'Ivoire, Nigeria, South Africa, and Zambia. The company generated $1.8 billion in revenue and reports an EBITDA margin exceeding 55% of revenue. IHS Towers was listed on the New York Stock Exchange in October 2021, with Wendel maintaining its stake unchanged until this announcement.
Supporting Growth and Refocusing Strategy
Wendel has supported the growth of IHS Towers since 2012, aiding the group in its expansion across several emerging markets. This divestiture allows Wendel to continue refocusing its direct investment strategy by concentrating on unlisted, controlled companies located in Europe and North America. The proceeds from this transaction will also fuel the development of Wendel Investment Managers, the group's private asset management platform, and fund a share buyback program covering about 9% of the capital.
