MTN Group proposes full acquisition of IHS Towers in $2.2 billion deal
MTN Group today announced a significant strategic move with a proposed offer to acquire 100% of IHS Towers, one of the world’s largest tower companies.
The transaction, valued at approximately US$2.2 billion for the shares MTN does not already own, aims to increase MTN’s shareholding to full ownership and take IHS private from the New York Stock Exchange (NYSE).
The proposed acquisition follows earlier discussions on February 5, 2026, and is contingent upon various approvals, including IHS shareholder and regulatory consents. Upon completion of IHS’s announced disposals of its Latin American assets, MTN intends to acquire the entirety of IHS’s remaining business, which includes nearly 29,000 high-quality towers across five key MTN markets in Africa.
Ralph Mupita, MTN Group President and CEO, emphasised the strategic importance of this transaction. “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,” said Mupita.
He added, “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.”
For IHS shareholders, the offer of US$8.50 per share represents a 9.7% premium to the 30-day volume-weighted average price as of February 4, 2026, providing an attractive opportunity to realise value from their investment. Long-term IHS shareholder Wendel has already expressed support for the transaction, contributing to approximately 40% of the minimum two-thirds approval required from voting shareholders.
Sam Dawish, IHS Chairman and CEO, commented on the deepening partnership: “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.”
MTN Group plans to fund the acquisition through a combination of approximately US$1.1 billion cash on IHS’s balance sheet, available liquidity, and debt from MTN. The company stated that no new equity issuance will be required at the MTN Group level, and the funding plan allows for a short-term increase in leverage. The transaction is projected to be accretive to net income and cash flow, reinforcing MTN’s focus on disciplined capital allocation and shareholder remuneration.
This move is expected to allow MTN to internalise margins currently paid to IHS, benefit from future third-party revenues, improve cost predictability, and unlock significant long-term value from its existing investment in digital infrastructure across Africa.
