By: Nana Appiah Acquaye
MTN Group has announced a
proposed acquisition of all remaining shares in IHS Towers, in a transaction
valued at approximately US$2.2 billion. The deal, which would see MTN increase
its current 24.7% stake to full ownership, is subject to regulatory approvals,
IHS shareholder consent, and the delisting of IHS from the New York Stock
Exchange.
The proposed acquisition
follows IHS’s recent divestment of its Latin American assets and comes after
discussions between the two companies earlier this month. Upon completion, MTN
will acquire 100% of IHS’s remaining business, comprising nearly 29,000 high-quality
towers across five key MTN markets in Africa.
“This proposed transaction
is a pivotal step in further strengthening MTN Group’s strategic and financial
position for a future where digital infrastructure will become ever more
essential to Africa’s growth and development,” said MTN Group President and CEO Ralph Mupita.
“It gives us a unique opportunity to buy back our towers and enhance our
ability to partner with nation states across the continent.”
The acquisition will allow
MTN to internalise margins currently paid to IHS, benefit from incremental
third-party revenues, improve cost predictability, and unlock long-term value
embedded in its existing investment. Funding for the transaction will be sourced
from approximately US$1.1 billion in cash on IHS’s balance sheet, supplemented
by MTN’s available liquidity and debt facilities.
For IHS shareholders, the
offer of US$8.50 per share represents a 9.7% premium to the 30-day
volume-weighted average price as of 4 February 2026, providing an attractive
opportunity to crystallise value. Wendel, a long-term IHS shareholder, has
already expressed support for the transaction.
IHS Chairman and CEO Sam
Dawish noted, “The proposed transaction deepens our long-standing partnership
with MTN, combining Africa’s largest mobile network operator with one of its
largest digital infrastructure platforms and underscores the strong connection
between IHS Towers and the African continent.”
MTN affirmed that the
acquisition will not require new equity issuance and will allow for disciplined
capital allocation while remaining accretive to net income and cash flow. The
company also committed to maintaining high standards of service and governance
across IHS’s operations throughout the transaction process.
The proposed acquisition
represents a significant step in MTN’s strategy to consolidate digital
infrastructure across Africa, positioning the company to support the
continent’s growing demand for reliable mobile and data services.
