MTN Group has announced plans to acquire full ownership of IHS Towers after the IHS board accepted an offer of $8.50 per share. The proposed transaction, subject to approvals and the company’s delisting from the New York Stock Exchange, will see MTN increase its shareholding to 100 percent.
The deal follows IHS’s planned disposal of its Latin American assets announced on 11 February and 17 February 2026. After these sales, MTN intends to buy the remaining business, which includes nearly 29,000 telecom towers across Africa serving mobile network operators in five key MTN markets.
Strategic move to strengthen digital infrastructure
MTN holds about 24.7 percent of IHS and aims to take the company private by acquiring all outstanding shares through a cash merger. The acquisition of remaining shares is valued at approximately $2.2 billion.
Funding will come from about $1.1 billion in cash on IHS’s balance sheet, along with MTN’s available liquidity and debt. MTN said no new equity issuance will be required, although the deal will temporarily increase leverage. The company expects the transaction to be accretive to net income and cash flow.
MTN believes reintegrating tower assets will allow it to internalise margins currently paid to IHS, improve cost predictability, and benefit from new third-party revenue opportunities.
“This proposed transaction is a pivotal step in strengthening MTN Group’s strategic and financial position as digital infrastructure becomes more essential to Africa’s growth,” said Ralph Mupita, President and CEO of MTN Group.
Premium offer for IHS shareholders
IHS shareholders will receive $8.50 per share, representing a 9.7 percent premium to the 30-day volume-weighted average price as of 4 February 2026. The transaction gives investors an opportunity to unlock value in their holdings.
Long-term IHS shareholder Wendel has provided a letter of support to vote in favour of the deal and will receive full liquidity on its shares at closing. With backing from Wendel and MTN, about 40 percent of the required two-thirds shareholder approval has already been secured.
Sam Darwish, Chairman and CEO of IHS Towers, said the deal deepens the long-standing partnership between the two companies and combines Africa’s largest mobile network operator with one of its biggest digital infrastructure platforms.
Regulatory approvals still required
The proposed acquisition remains subject to shareholder approval, regulatory clearance in relevant markets, and customary closing conditions. If completed, the transaction will mark a major step in MTN’s strategy to consolidate ownership of critical telecom infrastructure across Africa and position itself for long-term growth in the region’s digital economy.