MTN Group has reached a definitive agreement with the board of IHS Towers to acquire 100% of the company’s shareholding in a landmark deal valued at $8.50 per share. The transaction, which follows months of strategic discussions, will see MTN increase its current 24.7% stake to full ownership, effectively delisting one of the world’s largest tower operators from the New York Stock Exchange (NYSE).
The move is designed to reintegrate critical digital infrastructure across MTN’s footprint. Upon the completion of IHS’s recently announced disposals of its Latin American assets, MTN intends to acquire the remaining business, which includes nearly 29,000 high-quality towers across five key African markets. By bringing these assets back under its direct control, MTN aims to internalize margins, capture third-party revenues, and improve long-term cost predictability.
The funding for the approximately $2.2 billion consideration for the shares MTN does not already own will be managed through a combination of $1.1 billion in cash from IHS’s balance sheet, alongside MTN’s available liquidity and debt. Notably, MTN confirmed that no new equity issuance will be required, maintaining a focus on disciplined capital allocation while forecasting that the deal will be accretive to both net income and cash flow.
MTN Group President and CEO Ralph Mupita characterized the acquisition as a transformative moment for the company’s regional strategy.
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“This proposed transaction is a pivotal step in further 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. This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation states in which we operate.”
Mupita further reassured the broader ecosystem, noting that for IHS customers and partners across the continent, MTN remains committed to high standards of service and the governance of what is now the largest standalone and integrated tower company in Africa.
IHS Chairman and CEO Sam Dawish echoed the sentiment of synergy between the two entities.
“The proposed transaction deepens our long-standing partnership with MTN as it combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms and underscores the strong connection between IHS Towers and the African continent.”
The offer represents a 9.7% premium to the 30-day volume-weighted average price as of February 4, 2026, providing IHS shareholders an attractive opportunity to crystallize the value of their investments. The deal has already gained significant momentum, with long-term shareholder Wendel providing a letter of support to vote in favor of the transaction. Between Wendel’s support and MTN’s own voting power, approximately 40% of the required two-thirds shareholder approval has already been secured.
The completion of the merger remains subject to customary closing conditions, including regulatory approvals across relevant markets and final confirmation from the IHS shareholder body.
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