IHS Towers is one of the largest independent cell tower companies in the world, focused exclusively on emerging markets. As of year-end 2025, IHS owned and operated roughly 37,590 towers across five African countries — Nigeria, South Africa, Côte d'Ivoire, Cameroon, and Zambia — plus Brazil and Colombia, though the Latin American operations were agreed to be sold to Macquarie Asset Management in February 2026. IHS's customers are mobile network operators (MNOs) such as MTN, Airtel, and Telkom, who lease space on IHS towers to mount their antenna equipment under long-term Master Lease Agreements of 5–15 years. IHS owns and maintains the passive tower infrastructure — structure, power systems, and shelter — while MNOs own their active equipment. A key operational distinction from developed-market tower companies is power management: because grid electricity is unreliable across much of Africa, IHS is responsible for powering its sites through diesel generators, solar, and batteries. Revenue grows through three levers: colocation (adding new MNO tenants to existing towers at low marginal cost), lease amendments (existing tenants paying to install additional equipment as they upgrade from 2G to 4G/5G), and new tower builds. Contracts include CPI-linked escalators, FX reset mechanisms, and power pass-through clauses that provide meaningful protection against local inflation, currency devaluation, and fuel price swings. Nigeria accounts for roughly 68% of continuing revenue and is IHS's most important market by far, with approximately 15,900 towers. IHS has been streamlining its portfolio through asset disposals to focus on its core African markets and reduce leverage.