MTN Group Ltd., Africa’s largest mobile network operator, has agreed to acquire IHS Holding Ltd., a leading independent telecommunications tower company, in an all-cash transaction valued at $6.2 billion.
In a statement on Tuesday, IHS said shareholders will receive $8.50 per share, a 239 per cent premium to the company’s share price at the start of its strategic review in March 2024.
The deal offers shareholders an immediate and certain opportunity to realise value following the strategic review announced on March 12, 2024, which was launched amid sustained geopolitical and macroeconomic volatility in key operating markets.
IHS Towers’ Board of Directors has unanimously approved the agreement and recommended that shareholders vote in favour of the transaction.
MTN has agreed to vote its shares, representing approximately 24 per cent of IHS’s fully diluted stake, in support of the deal. Long-term shareholder Wendel has also issued a letter of support. Combined, the two investors account for more than 40 per cent shareholder backing for the transaction.
Upon completion, IHS Towers will be delisted and become a wholly owned subsidiary of MTN.
Chairman and CEO of IHS Towers, Sam Darwish, described the transaction as a compelling opportunity that delivers certainty and immediate value to shareholders while strengthening the long-standing partnership between IHS and MTN.
“The proposed transaction deepens our relationship with MTN, combining Africa’s largest mobile network operator with one of its largest digital infrastructure platforms,” Darwish said. He thanked employees, customers and partners for supporting the company’s growth over 25 years, from a single tower in one market to an 11-country portfolio of approximately 40,000 towers at its peak.
The transaction is expected to close in 2026, subject to shareholder and regulatory approvals and other customary conditions.
Funding will include the rollover of MTN’s existing stake in IHS, approximately $1.1 billion in cash from MTN, about $1.1 billion from IHS’s balance sheet, and the continuation of existing IHS debt. The company must also maintain a minimum cash balance of $355 million at closing.
Completion of certain funding conditions depends on the successful sale of IHS’s Latin American tower and fibre operations, announced earlier in February 2026.
MTN Group President and CEO Ralph Mupita described the acquisition as a strategic milestone.
“This proposed transaction strengthens MTN Group’s strategic and financial position in a future where digital infrastructure will be increasingly essential to Africa’s growth and development,” he said. “It gives us a unique opportunity to buy back our towers and enhance our role as partners in progress to the countries in which we operate.”
He added that MTN remains committed to maintaining high service standards and strong governance across what will become Africa’s largest standalone and integrated tower company.
