MTN Reaches $2.2bn Deal to Fully Own IHS Towers

By Adedapo Adesanya

MTN Group has agreed to take full control of IHS Holding, buying the roughly 75 per cent stake it does not already own in a deal that values the tower operator at about $2.2 billion.

According to a statement, MTN, which is Africa’s biggest mobile operator, will pay $8.50 per share in cash.

The deal will be funded through the rollover of MTN’s existing stake of around 24 per cent in IHS, as well as about $1.1 billion in cash from MTN, roughly $1.1 billion from IHS’s balance sheet, and the rollover of no more than existing IHS debt.

The offer represents a 239 per cent premium to the company’s share price when it announced a strategic review on March 12, 2024, a 36 per cent premium to its 52-week volume-weighted average price as of February 4, 2026, and a three per cent premium to its unaffected closing price of $8.23 on that same date.

The transaction will see MTN transition from being a minority shareholder in IHS to a full owner. Upon completion, IHS will delist from the New York Stock Exchange and become a wholly owned subsidiary of MTN.

For MTN, the deal represents a decisive shift as data demand surges and digital infrastructure becomes increasingly strategic with a booming digitally-oriented youth population on the continent.

Over the past decade, many African telecom operators sold tower assets to independent infrastructure firms to unlock capital and reduce balance sheet pressure. This marks a reversal of the trend.

MTN itself had reduced its direct exposure to tower ownership, retaining a roughly 24 per cent fully diluted stake in IHS before the agreement.

Speaking on this, Mr Ralph Mupita, group president and CEO, MTN Group, described the proposed acquisition as a pivotal step in strengthening MTN’s strategic and financial position in a future where digital infrastructure will be central to Africa’s development.

He said the deal would enhance MTN’s ability to partner with governments and support long-term connectivity growth across its markets.

“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,” he said.

The board of IHS unanimously approved the agreement and recommended that shareholders vote in favor.

MTN has committed to vote all its shares in support of the deal, while long-term shareholder Wendel has also issued a letter backing the transaction. Together, they account for more than 40 per cent of shareholder support already secured.

On his part, Mr Sam Darwish, chairman and CEO of IHS, said the agreement offers shareholders certainty and immediate value realisation following a strategic review launched during a period of macroeconomic and geopolitical volatility across key markets.

Founded 25 years ago with a single tower in one market, IHS grew into one of the world’s largest independent tower companies by count, operating in 11 countries and managing approximately 40,000 towers at its peak.

If completed, the acquisition will create the largest standalone and integrated tower company in Africa under MTN’s control, tightening the alignment between network operations and physical infrastructure in a region where connectivity remains both a commercial battleground and a development imperative.