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].