Core Viewpoint - Wendel supports MTN Group's offer to acquire IHS Towers, which will provide Wendel with full liquidity on its 19% stake, amounting to approximately $535 million, reflecting a strategic shift in Wendel's investment focus [2][3][7]. Company Overview - IHS Towers, founded in 2001, is one of the largest independent owners and operators of shared communications infrastructure globally, focusing on emerging markets with over 37,000 towers across seven countries [5][6]. - Since Wendel's initial investment in 2012, IHS has expanded from about 1,000 towers in one country to over 37,000 towers, achieving $1.8 billion in revenue and EBITDA margins exceeding 55% [6]. Transaction Details - The offer from MTN Group is priced at $8.5 per share, representing a 36% premium over the 52-week volume-weighted average price as of February 4, 2026, and a 21% premium over Wendel's latest reported Net Asset Value [3]. - The transaction is expected to close in 2026, pending shareholder and regulatory approvals [4]. Strategic Implications - Wendel's decision to support the acquisition aligns with its strategy to refocus on direct investments in controlled, unlisted companies in Europe and North America [7]. - The transaction is part of Wendel's active portfolio rotation strategy, which aims to generate approximately €1.65 billion, enhancing its capacity for long-term value creation through investments in private assets [8]. Leadership Commentary - Laurent Mignon, CEO of Wendel, emphasized the strategic sense of the MTN and IHS combination, while Sam Darwish, Chairman and CEO of IHS Towers, highlighted the opportunity for shareholders to realize significant value [7][9].

Core Viewpoint - Wendel supports MTN's acquisition offer for IHS Towers, which will provide Wendel with full liquidity on its 19% stake, amounting to approximately $535 million, reflecting a strategic shift in Wendel's investment focus [2][3][7]. Group 1: Acquisition Details - MTN Group's offer to acquire IHS Towers is priced at $8.5 per share, representing a 36% premium over the 52-week volume-weighted average price as of February 4, 2026 [3]. - The transaction is expected to close in 2026, pending shareholder and regulatory approvals [4]. - Wendel's stake sale will yield net proceeds of approximately $535 million, which is a 21% premium over Wendel's latest reported Net Asset Value as of September 30, 2025 [3]. Group 2: Company Background - IHS Towers, founded in 2001, is a leading independent owner and operator of shared communications infrastructure, with over 37,000 towers across seven emerging markets [5][6]. - Since Wendel's initial investment in 2012, IHS has expanded from approximately 1,000 towers in one country to over 37,000 towers, achieving $1.8 billion in revenue with EBITDA margins exceeding 55% [6]. Group 3: Strategic Implications - Wendel's CEO, Laurent Mignon, emphasized that the combination of MTN and IHS is a sensible industrial project, aligning with Wendel's strategy to focus on direct investments in controlled, unlisted companies in Europe and North America [7]. - The transaction aligns with Wendel's active portfolio rotation strategy, which aims to generate approximately €1.65 billion from recent sales, enhancing Wendel's flexibility for long-term value creation [8].