The leading shareholder in voting rights in the African success story of telecoms towers, the holding company has cast a shadow by adopting more conservative valuation methods. What annoy his associates, with the approach of the largest potential African IPO in the United States.

The operator of telecoms towers IHS is considering an IPO in the United States for a value that could reach 7 to 10 billion dollars.

This is the promise of the largest IPO of an African company in the United States and the largest unlisted participation of Wendel: the African telecoms towers IHS arouse discord between its shareholders.

At its capital is the gratin of global investment: the tercentenary French holding company, the largest shareholder in voting rights and second in capital (21%) behind the South African mobile operator MTN, but also Goldman Sachs, sovereign funds Singapore and Korea, the investment arm of the World Bank, a Danish development bank… whose interests are not all aligned.