MTN Group has moved a significant step closer to taking full control of telecom tower operator IHS Towers with a $2.2 billion agreed offer for the shares it does not already own, a deal that, if completed, would see the company delisted from the New York Stock Exchange (NYSE) and reshape ownership of one of Africa’s largest digital infrastructure platforms. The agreement, announced on 17 February 2026, reflects MTN’s strategic push to consolidate its footprint across Africa and other emerging markets, including Cameroon, where IHS operates substantial tower assets.
Under the terms of the offer, MTN will acquire the remaining 75.3 percent of IHS’s share capital that it does not already hold. The transaction, structured as an all‑cash deal, values IHS at about $6.2 billion in enterprise value (EV), a measure that includes debt and cash, while the proposed price of $8.50 per share equates to roughly CFA4,724 per share based on the exchange rate at the time of announcement. CFA3,446 billion represents the enterprise value equivalent, using a rate of $1 = CFA555.72818.
The offer specifically covers the equity portion that MTN does not yet own, amounting to $2.2 billion (approximately CFA1,223 billion), while MTN’s existing 24.7 percent stake pushes the fully diluted equity value to about $2.9 billion (around CFA1,612 billion). Should the acquisition proceed as planned, IHS would be taken private, ending its listing on the NYSE and bringing its roughly 37,000‑tower portfolio entirely under MTN control.
Strategic rationale and shareholder support
IHS’s board of directors has unanimously approved the transaction and recommended it to shareholders, signalling confidence in the deal’s terms and strategic logic. Long‑term institutional investors including Wendel, a history partner, have already pledged support, meaning that more than 40 percent of share capital backing has been secured ahead of the transaction’s final approvals.
For MTN, the deal represents a pivotal shift away from an earlier industry trend in which telecom operators sold tower assets to independent infrastructure firms to free up capital and reduce debt. Instead, MTN is now moving to reacquire its tower infrastructure, a strategic decision that reflects the rising importance of digital infrastructure and network optimisation in competitive telecom markets across Africa and Latin America.
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Once the deal closes, MTN will own IHS outright as a wholly owned subsidiary. The consolidation is expected to streamline governance, align tower management with MTN’s broader network strategy, and provide more direct control over key infrastructure assets that support mobile services across multiple regions, including emerging markets where mobile penetration continues to grow.
Implications for cameroon and other markets
In Cameroon, IHS operates a significant portion of the country’s independent telecom tower infrastructure. The acquisition is therefore likely to have direct implications not just for MTN’s ownership of those assets but also for how networks evolve locally. Tower consolidation can impact everything from the speed of 4G and 5G rollout to the efficiencies of maintenance and energy optimisation.
Cameroon’s telecom regulator has historically encouraged investment in digital infrastructure, with industry players noting the importance of expanded coverage, quality of service improvements, and competitive pricing as data usage expands. With full ownership of IHS, MTN could more closely align tower expansion with its network plans in Cameroon, and potentially accelerate investments in underserved areas where demand for connectivity remains high.
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Broader infrastructure and digital landscape
IHS Towers was founded in 2001 by Sam Darwish and grew into one of the world’s largest independent tower companies, managing sites in several African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as operations in Latin America. With MTN as its largest customer and now prospective full owner, the acquisition deepens a long‑standing relationship between a major operator and one of its critical infrastructure providers.
Industry analysts say that in an era of 30 billion‑device connectivity forecasts, rising mobile data demand, and heavy investment in next‑generation technologies like AI‑centric services and 5G, control over tower assets provides telecom operators with strategic leverage. Integrated infrastructure can mean faster deployment of network upgrades, smoother coordination with local authorities, and potentially improved cost structures for energy, deployment, and maintenance.
Regulatory and financing outlook
The acquisition remains subject to customary closing conditions, including shareholder approvals and regulatory clearances in relevant jurisdictions where IHS operates. MTN has indicated that the transaction will be funded through a combination of its existing stake rollover, cash contributions, and the rollover of IHS’s existing debt. IHS will also be required to maintain a minimum cash balance at closing, ensuring ongoing operational liquidity.
As telecom markets evolve, consolidation moves such as this could signal a broader shift in how operators think about ownership of infrastructure versus leasing arrangements. For MTN, the bid represents a long‑term bet on infrastructure control, operational synergy, and competitive positioning across its markets on the continent and beyond.
MTN expands digital infrastructure services to African telecom operators
