IHS Holding Ltd

Overview

IHS Holding Limited, which operates as IHS Towers, is a telecommunications infrastructure company that owns, develops and operates shared mobile communications infrastructure. Its core business is providing tower sites and related services that allow mobile network operators and other communications providers to install and operate their equipment. The company was founded in Nigeria in 2001.[1][2]

After completing the sale of its Latin American tower operations in 2026, IHS reported more than 28,000 towers across Cameroon, Côte d’Ivoire, Nigeria, South Africa and Zambia.[3][4] Revenue from continuing operations was $1.582 billion in 2025.[5] IHS describes its vision as helping create a connected world where mobile connectivity supports economic growth and social development.[6] The company’s website lists approximately 2,000 employees.[7] [1]+10

Products & services

IHS Holding Ltd’s core offerings are tower leasing and colocation: mobile network operators and other customers lease space on existing towers for their equipment, and IHS may accommodate additional tenants by strengthening structures, extending tower height or adding antenna mounts. Customers can also request equipment installations and ancillary services through lease amendments. In 2025, IHS’s owned-and-operated towers supported 54,874 tenants, with a 1.46x colocation rate; this is an operating metric, not a revenue share.[1][8]

IHS also builds new sites to customer specifications, mainly ground-based towers, with some rooftop, in-building, distributed antenna system (DAS) and cells-on-wheels deployments. Site work can include acquisition, construction, and structural and electrical engineering. DAS and in-building solutions provide customer equipment locations in venues such as malls, stadiums and airports; IHS’s Brazil business reported upgrades across 27 shopping centers in 2025, designed for average traffic of 22 MB per user and approximately 17 TB monthly.[9]+3

Other services include fiber-to-the-tower capacity in Nigeria and, in selected cases, managed services for third-party towers, including maintenance, security and power supply. To support tower operations, IHS uses hybrid battery and generator systems, solar-hybrid systems and grid connections; in Nigeria, hybrid-power deployments, including solar, were associated with an average approximately 50% reduction in diesel consumption per tower at deployment across more than 7,400 sites.[1]+2

IHS reports performance by geographic operating segment, not by individual product or service, and does not disclose product-level revenue percentages.[15][16] [1]+10

Geographic presence

At December 31, 2025, IHS Holding operated in seven countries: Nigeria, South Africa, Côte d’Ivoire, Cameroon and Zambia in Africa, and Brazil and Colombia in Latin America. Its reported footprint comprised 37,590 towers, including 28,662 in Africa.[17][18] The FY2025 reporting does not provide a country-by-country revenue breakdown in the cited materials.[19]

IHS lists its head office at 1 Cathedral Piazza, 123 Victoria Street, London, UK. In Nigeria, it identifies a Lagos head office and regional offices in Abuja, Ibadan, Enugu, Asaba, Kano and Port Harcourt.[20][21] [17]+4

Business segments

IHS Holding Ltd reports three geographic operating segments: Nigeria; Sub-Saharan Africa (SSA), comprising Cameroon, Côte d’Ivoire, South Africa, Zambia and, until October 9, 2025, Rwanda; and Latin America (Latam), comprising Brazil and Colombia. These are regional groupings of its shared communications-infrastructure activities, including tower colocation, new sites, amendments and ancillary services, and fiber-related services—not distinct product lines.[15][1] The company’s segment information is organized around the regional structure used by its chief operating decision maker to assess performance and allocate resources.[22]

For FY2025, external revenue was approximately $1.776 billion including Latam’s discontinued operations: Nigeria contributed about 60%, SSA 29% and Latam 11%. Excluding discontinued Latam, continuing-operations revenue was $1.582 billion, of which Nigeria represented about 68% and SSA 32%. Latam is reported as a segment but became a discontinued operation; MENA ceased to be reportable from January 1, 2025, after IHS no longer had operations there.[23][15] [15]+3

Company history

IHS Holding Ltd was founded in Nigeria in 2001 by Sam Darwish and William Saad, initially providing site-building services for mobile operators. It expanded beyond Nigeria with operations in Cameroon and Côte d’Ivoire in 2012, followed by acquisitions of MTN tower portfolios there in 2013. In 2014 it acquired 1,269 MTN towers in Zambia and Rwanda, and in 2016 completed the acquisition of Helios Towers Nigeria, adding 1,211 sites.[2][24]

The company expanded into Latin America through its 2020 acquisition of Cell Site Solutions, with sites in Brazil, Peru and Colombia, and broadened its Brazilian and Colombian operations in 2021 through further acquisitions. That year IHS priced its initial public offering and listed on the New York Stock Exchange. In 2022 it entered South Africa by acquiring about 5,700 MTN towers. Later portfolio changes included the sale of its Kuwait operations in 2024, Rwanda operations in 2025, and Latin American tower operations in 2026.[25]+6

Sources

• IHS Holding Ltd — Full financial report (2025 Y)
  15 citations

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• www.ihstowers.com[2]
• www.ihstowers.com[4]
• www.ihstowers.com[6]
• www.ihstowers.com[7]
• www.ihstowers.com[12]
• www.sec.gov[19]
• www.ihstowers.com[20]
• www.ihstowers.com[21]
• www.ihstowers.com[24]
• www.ihstowers.com[25]
• www.ihstowers.com[26]
• www.ihstowers.com[27]
• www.ihstowers.com[28]
• www.ihstowers.com[29]
• www.ihstowers.com[30]