MTN to Acquire IHS Towers in $6.2 Billion Deal, Taking Tower Giant Private

MTN Group has reached an agreement to acquire IHS Towers for approximately $6.2 billion in an all-cash transaction. The deal will spot MTN increase its shareholding to 100% and take the tower operator private, delisting it from the Novel York Stock Exchange (NYSE). The acquisition is expected to strengthen MTN’s control over critical digital infrastructure across Africa.

Transaction Details

Under the terms of the agreement, IHS Towers shareholders will receive $8.50 per ordinary share in cash. This represents a premium of approximately 239% over IHS Towers’ share price at the announcement of its strategic review on March 12, 2024, a 36% premium to the 52-week Volume-Weighted Average Price (VWAP) as of February 4, 2026 and a 3% premium over the unaffected closing share price of $8.23 on February 4, 2026 .

The $6.2 billion enterprise value transaction will be funded through approximately $1.1 billion in cash on IHS’s balance sheet, alongside available liquidity and debt from MTN . MTN currently holds a 24.7% shareholding in IHS Towers.

Strategic Rationale

MTN Group President and CEO Ralph Mupita stated that the proposed transaction is a pivotal step in strengthening MTN Group’s strategic and financial position for the future of digital infrastructure in Africa . By reintegrating the tower assets, MTN aims to internalize margins currently paid to IHS, benefit from third-party revenues, improve cost predictability, and unlock long-term value from its existing investment.

IHS Chairman and CEO Sam Dawish commented that the transaction deepens the long-standing partnership between MTN and IHS Towers, combining Africa’s largest mobile network operator with one of its largest digital infrastructure platforms .

Approvals and Timeline

The transaction is subject to IHS shareholder approval, regulatory approvals in relevant markets, and customary closing conditions. IHS has already secured support from approximately 40% of voting shareholders, including Wendel, a long-term IHS shareholder, and MTN itself .

The deal is expected to be accretive to MTN’s net income and cash flow, and no new equity issuance will be required at the MTN Group level. MTN anticipates a short-term increase in leverage as part of the funding plan.

IHS Disposals

The acquisition is contingent upon the completion of IHS’s announced disposals of its Latin American assets, which were scheduled for February 11 and February 17, 2026 .

About IHS Towers

IHS Towers is one of the world’s largest tower companies, with nearly 29,000 towers in Africa, serving various mobile network operators in five key MTN markets .