MTN Group Announces Acquisition of IHS Towers in Africa in a $6.2 Billion Deal to Strengthen Digital Infrastructure Across Continent

Africa’s telecom giant, MTN Group Ltd., has announced plans to acquire IHS Holding Ltd., one of the continent’s largest independent operators of telecommunications towers, in a bold all-cash transaction valued at $6.2 billion.

The move represents a significant consolidation in Africa’s mobile and digital infrastructure sector.

Under the agreement, IHS shareholders will receive $8.50 per share, reflecting a massive 239% premium over the company’s share price when it launched a strategic review back in March 2024.

The deal underscores the growing importance of digital infrastructure as mobile networks expand across Africa.

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Shareholder Support and Strategic Alignment

The deal already has strong backing.

MTN has pledged to vote its 24% stake in IHS Towers in favour of the acquisition, and long-term investor Wendel has also signalled support.

Together, these shareholders represent more than 40% of the total votes, making the transaction’s approval likely.

Upon completion, IHS Towers will become a wholly owned subsidiary of MTN and will no longer be publicly listed, marking the end of its independent public trading era.

IHS Towers’ Board of Directors has unanimously recommended that shareholders approve the transaction.

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Leadership Reactions and Historical Context

Sam Darwish, Chairman and CEO of IHS Towers, hailed the agreement as an opportunity for shareholders to crystallize value generated during the strategic review.

“This transaction deepens our long-standing partnership with MTN and strengthens Africa’s digital infrastructure network,” Darwish said.

Founded 25 years ago with a single tower in one country, IHS has expanded to operate approximately 40,000 towers across 11 African countries, becoming a key backbone for mobile communications across the continent.

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How the Deal Will Be Funded

The $6.2 billion deal is structured using a combination of MTN’s existing stake in IHS, approximately $1.1 billion in MTN cash, and around $1.1 billion from IHS Towers’ balance sheet, along with the rollover of existing debt.

To close the transaction, IHS Towers must maintain a minimum cash balance of $355 million.

Successful completion also depends on the sale of IHS’s Latin American tower and fibre operations, announced earlier in February 2026, which are expected to free up additional capital and streamline the business.

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Strategic Rationale for MTN

Ralph Mupita, MTN Group President and CEO, described the acquisition as pivotal for the company’s future.

“Digital infrastructure will be essential to Africa’s growth,” Mupita said.

“This deal allows us to buy back our towers, strengthen our strategic position, and continue being a partner for progress to the nation-states where we operate.”

He emphasized that customers and partners can expect continuity and high standards of service, with governance and operational excellence maintained by the existing IHS management team.

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What This Means for Africa’s Telecom Landscape

This acquisition signals a trend toward consolidation in African telecom infrastructure, as operators look to control more of the networks they rely on.

With mobile penetration rising and data demand exploding, owning towers directly can provide cost efficiencies, faster deployment of services, and better control over coverage quality.

It also strengthens MTN’s hand in negotiating partnerships and deploying new technologies like 5G and fibre networks, further shaping the continent’s digital future.

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What’s Next?

• Regulatory Approval: The deal still needs green lights from relevant regulatory authorities in each country where IHS operates.

• Shareholder Vote: IHS shareholders will formally vote to approve the transaction.

• Completion Timeline: If approvals are secured, the acquisition is expected to close in 2026.

• Operational Integration: MTN will work on integrating IHS Towers’ operations while maintaining service continuity for existing customers.

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Summary

MTN Group’s $6.2 billion acquisition of IHS Towers is a landmark deal for Africa’s telecom sector.

Shareholders will receive a 239% premium, and the acquisition strengthens MTN’s strategic control over critical infrastructure across the continent.

The transaction reflects both the growing importance of digital networks in Africa and MTN’s ambition to consolidate its leadership in mobile and telecom infrastructure, while offering certainty and immediate returns to investors.