IHS Towers Exits Latam in $952M Deal with Macquarie Asset Management

LONDON & SÃO PAULO – February 17, 2026 – In a significant move reshaping the telecommunications infrastructure landscape in Latin America, IHS Holding Limited (NYSE: IHS), known as IHS Towers, has agreed to sell its entire Latin American operation to an affiliate of Macquarie Asset Management. The transaction, which carries an enterprise value of approximately $952 million, marks a complete strategic withdrawal from the region for the emerging markets-focused tower giant.

The deal encompasses IHS Towers' assets in Brazil and Colombia, totaling approximately 8,860 telecommunication tower sites. For IHS, the divestiture represents a deliberate pivot to concentrate on its core markets and enhance shareholder value. For Macquarie, a leading global infrastructure investor, the acquisition is a substantial, forward-looking investment into the critical digital backbone of two of South America's largest economies, positioning the firm to capitalize on the impending rollout of 5G technology.

A Strategic Retreat for Shareholder Value

The sale is the culmination of a strategic realignment for IHS Towers, which has been methodically exiting the Latin American market to streamline its global portfolio. This transaction follows the company's 2024 sale of its Peruvian operations to SBA Communications and, more recently, the February 11, 2026 announcement of its agreement to sell its 51% stake in Brazilian fiber company I-Systems to TIM S.A. for $452.6 million. Together, these moves underscore a clear corporate mandate to consolidate resources and focus on what the company terms “lower capex, higher return businesses.”

“We are today announcing the sale of our Latam tower operations to Macquarie Asset Management, marking our exit from the Latam region,” said Sam Darwish, Chairman & CEO of IHS Towers, in a statement accompanying the announcement. He framed the decision as part of the company's “strategic initiatives targeted at shareholder value-creation.”

Interestingly, the divestment comes at a time when the Latin American unit was demonstrating robust financial health. In the third quarter of 2025, IHS Latam reported revenue of $51.1 million, a 13.3% year-over-year increase, with adjusted EBITDA climbing 21.8% to $41.2 million. The division also saw a healthy increase in tenancy, adding 961 tenants over the year. The decision to sell a growing asset highlights that this move is driven not by poor performance, but by a disciplined, long-term global strategy to optimize its portfolio and potentially redeploy capital to its core operations in Africa and the Middle East, where it holds a more dominant market position.

The proceeds from the sale will also fortify IHS Towers' balance sheet. The transaction includes a base equity purchase price of approximately $683 million (R$3.55 billion), part of which will be used to repay an existing shareholder loan of around $200 million plus accrued interest. This deleveraging effect, combined with a tighter operational focus, is designed to appeal to investors and bolster the company's financial standing.

Macquarie's Billion-Dollar Bet on Latin America's 5G Future

While IHS Towers steps back, Macquarie Asset Management is stepping forward with conviction. The acquisition represents a significant bet on the future of digital connectivity in Brazil and Colombia. As these nations prepare for a widespread 5G network buildout, the demand for robust, shared communications infrastructure is expected to soar. Owning a vast network of nearly 8,900 towers provides Macquarie with a foundational role in this technological transformation.

Fernando Lohmann, Brazil Country Lead for Macquarie Asset Management, commented on the firm's long-term vision. “We expect further wireless and digital infrastructure investment will be required to support 5G network buildout in Brazil and Colombia over the next several years,” he stated. “We are proud to contribute to the strengthening of Brazil and Colombia’s critical infrastructure through the acquisition of the IHS tower platform in our region.”

This acquisition is a natural fit for Macquarie, a seasoned investor in essential infrastructure worldwide with US$477 billion in assets under management. The firm's portfolio in Latin America already includes diverse assets in transportation, waste management, and green energy. Adding a major digital infrastructure platform aligns with its thesis of investing in long-life, essential assets that underpin economic growth. For Macquarie, telecom towers are the modern-day equivalent of roads and bridges—critical infrastructure for the digital economy.

By acquiring this established portfolio, Macquarie gains immediate scale and long-term contracts with major mobile network operators, providing stable, predictable cash flows while offering significant upside potential from the densification and upgrades required for 5G services.

Reshaping the Global Tower Landscape

The IHS-Macquarie deal is a textbook example of a broader trend sweeping the global telecom sector: the great tower reshuffle. As the industry matures, two distinct types of players are emerging. On one side are tower operators like IHS, which are refining their geographic footprints to concentrate on markets where they can achieve maximum scale and operational efficiency. On the other are specialized infrastructure funds like Macquarie, which possess deep pools of long-term capital and view digital infrastructure as a stable, high-value asset class.

This transaction will introduce a new, well-capitalized owner into the Brazilian and Colombian markets, which could spur further investment and competition. For mobile network operators, the presence of a dedicated infrastructure owner focused on expansion and technological upgrades can be a significant benefit, potentially accelerating the 5G rollout and improving service quality for millions of consumers and businesses.

The deal is structured with the buyer paying approximately $394 million from equity financing and funding another $289 million through debt raised at the IHS Brasil level. The transaction is expected to close later in 2026, pending the satisfaction of customary closing conditions, including regulatory approvals in both countries and a successful capital raise by Macquarie-managed funds. J.P. Morgan served as the financial advisor to IHS Towers in the landmark transaction, which signals a new chapter for digital infrastructure investment across Latin America.