MTN Moves to Full Ownership of IHS Towers in Proposed Multi-Billion Dollar Transaction

MTN Moves to Full Ownership of IHS Towers in Proposed Multi-Billion Dollar Transaction. MTN Group has announced that the board of IHS Towers has accepted an offer of US$8.50 per share in a proposed transaction that would increase MTN’s shareholding to 100%. The deal remains subject to regulatory approvals and the planned delisting of IHS from the New York Stock Exchange.

The proposed acquisition follows previously announced discussions and is expected to proceed after the completion of IHS’s disposals of its Latin American assets announced earlier in February 2026. Once those disposals are finalised, MTN intends to acquire the remaining business.

IHS operates nearly 29,000 telecommunications towers across Africa, supporting multiple mobile network operators in five key MTN markets. The transaction would reintegrate ownership of this infrastructure within MTN’s operations.

The consideration for shares MTN does not already own is estimated at approximately US$2.2 billion. Funding is expected to come from about US$1.1 billion in cash held on IHS’s balance sheet, combined with available liquidity and debt financing from MTN. The company currently holds about 24.7% of IHS and plans to acquire all outstanding shares through a cash merger that would take the business private.

According to Ralph Mupita, the proposed transaction represents a strategic step to strengthen MTN’s position in digital infrastructure. He said reintegrating tower assets could improve cost predictability, internalise margins and support long term value creation.

IHS shareholders would receive US$8.50 per share, representing a premium to recent trading levels before MTN’s earlier cautionary announcement. Long term shareholder Wendel has provided support for the proposal and indicated it will vote in favour of the transaction.

Sam Dawish described the move as deepening the longstanding partnership between the two companies while linking a major telecommunications operator with a large digital infrastructure platform.

MTN stated that no new equity issuance will be required to fund the transaction. The funding plan may result in a short term increase in leverage, with the deal expected to be accretive to net income and cash flow over time.