MTN Group has announced plans to acquire full ownership of IHS Towers in a transaction that would see the telecoms giant take the infrastructure firm private and delist it from the New York Stock Exchange.
The board of IHS has accepted an offer of US$8.50 per share, paving the way for MTN to increase its current 24.7% stake to 100%, subject to shareholder, regulatory, and other customary approvals.
The proposed acquisition follows IHS’s recent announcements on 11 and 17 February 2026 regarding the disposal of its Latin American assets. Upon completion of those disposals, MTN intends to acquire the entirety of IHS’s remaining operations, which comprise nearly 29,000 towers across Africa serving multiple mobile network operators in five key MTN markets.
MTN described the move as a step toward “unlocking compelling value” and reinforcing its control over “critical digital infrastructure” across the continent. The Group said the reintegration of tower assets would enable it to internalise margins currently paid to IHS, benefit from incremental third-party revenues, and enhance cost predictability, thereby unlocking long-term value embedded in its existing investment.
Group President and CEO Ralph Mupita characterised the transaction as “a pivotal step” in strengthening MTN’s strategic and financial position in a future where digital infrastructure will be “ever more essential” to Africa’s growth. He noted that the deal presents a “unique opportunity to buy back our towers” and deepen MTN’s role as a partner in national development across its markets.
For IHS shareholders, the offer represents an opportunity to “crystallise value,” translating into a 9.7% premium to the 30-day volume-weighted average share price as of 4 February 2026, the last trading day before MTN’s cautionary announcement.
The total consideration for the shares MTN does not already own is approximately US$2.2 billion. Funding will be sourced from about US$1.1 billion in cash on IHS’s balance sheet, alongside available liquidity and debt facilities at MTN. The Group indicated that no new equity issuance will be required at the MTN level, although the funding structure allows for a short-term increase in leverage. The transaction is expected to be accretive to net income and cash flow.
Long-term IHS shareholder Wendel has issued a letter of support, committing to vote in favour of the deal and to receive full liquidity on its shares upon completion. With MTN and Wendel able to vote at a general meeting, approximately 40% of the required two-thirds shareholder approval threshold has already been secured.
IHS Chairman and CEO Sam Darwish said the deal “deepens our long-standing partnership” with MTN and combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms, underscoring what he described as a “strong connection” between IHS and the continent.
The proposed transaction remains subject to IHS shareholder approval, regulatory clearances in relevant jurisdictions, and other customary closing conditions.
