MTN Group has announced plans to acquire full ownership of IHS Towers, after the IHS board accepted an offer of US$8.50 per share, a move that would see MTN increase its stake from 24.7 per cent to 100 per cent and take the company private.
The proposed transaction, which remains subject to shareholder and regulatory approvals, would result in the delisting of IHS Towers from the New York Stock Exchange (NYSE) and the reintegration of one of Africa’s largest digital infrastructure platforms into MTN’s operations.
MTN said the acquisition would be executed through a cash merger, with shareholders of IHS receiving US$8.50 per share, representing a 9.7 per cent premium to the 30-day volume-weighted average share price as of 4 February 2026, the last trading day before MTN issued a cautionary announcement.
https://www.mtn.com/mtn-group-announces-proposed-acquisition-of-ihs-towers/
Deal Structure and Funding
The total consideration for the shares MTN does not already own is estimated at about US$2.2 billion. Funding will be sourced from approximately US$1.1 billion in cash on IHS’s balance sheet, alongside MTN’s available liquidity and debt facilities. MTN said no new equity issuance will be required at group level, though the transaction will result in a short-term increase in leverage.
Following IHS’s announced disposals of its Latin American assets on 11 February and 17 February 2026, MTN intends to acquire 100 per cent of IHS’s remaining business, which is concentrated in Africa.
Strategic Rationale
IHS Towers is one of the world’s largest independent tower companies, with nearly 29,000 towers across Africa, serving multiple mobile network operators in five key MTN markets.
MTN said reintegrating the tower assets would allow the group to:
- internalise margins currently paid to IHS,
- benefit from existing and future third-party tower revenues,
- improve cost predictability, and
- unlock long-term value embedded in its infrastructure investment.
MTN Group President and CEO Ralph Mupita described the move as a strategic milestone.
“This proposed transaction is a pivotal step in 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,” Mupita said. “It gives us a unique opportunity to buy back our towers and strengthen our ability to partner with the nation states in which we operate.”
MTN also said it would maintain high standards of service and governance for customers and partners across the continent following the transaction.
Shareholder Support and Outlook
Long-term IHS shareholder Wendel has issued a letter of support in favour of the deal and will receive full liquidity upon completion. With backing from Wendel and MTN’s voting rights, about 40 per cent of the required two-thirds shareholder approval threshold has already been secured.
IHS Chairman and CEO Sam Darwish said the transaction deepens the partnership between the two companies and reinforces IHS’s African focus.
The deal is expected to be accretive to MTN’s net income and cash flow once completed, according to the company.
Completion remains subject to IHS shareholder approval, regulatory clearances in relevant jurisdictions, and other customary closing conditions.