MTN Group has agreed to acquire the remaining stake in IHS Towers that it does not already own, in an all-cash transaction valuing the tower operator at approximately US$6.2 billion.
Under the merger agreement, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium to the company’s 52-week volume-weighted average price as of 4 February 2026 and a 3% premium to its unaffected closing price of US$8.23 on the same date. The offer also stands at a 239% premium compared to IHS’s share price when it launched its strategic review in March 2024.
The board of IHS Towers has unanimously approved the deal and recommended it to shareholders. MTN, which already owns about 24% of IHS on a fully diluted basis, has committed to vote its shares in favour of the transaction. Long-term investor Wendel has also pledged support, bringing backing to more than 40% of shareholders.
Once completed, IHS will become a wholly owned subsidiary of MTN and will be delisted from the New York Stock Exchange.
The agreement follows weeks of negotiations and market speculation. Earlier in February, MTN issued a cautionary notice confirming it was evaluating a potential buyout of minority shareholders, warning investors that such a move could materially affect its share price.
MTN Group President and CEO Ralph Mupita described the transaction as a strategic step to strengthen the company’s control over critical digital infrastructure across Africa. He said the move positions MTN for a future in which digital infrastructure will play an increasingly central role in economic growth across its markets.
IHS Towers was founded in 2001 by Sam Darwish, initially focusing on Nigeria. It has since grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure, managing more than 37,000 towers across seven African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire and Zambia, as well as operations in Brazil and Colombia. At its peak, its portfolio spanned approximately 40,000 towers across eleven countries.
MTN remains IHS’s largest customer.
Darwish described the agreement as a defining moment, saying it provides certainty and immediate returns for shareholders while deepening the long-standing partnership between IHS and MTN. He noted that the transaction combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms.
The deal is expected to close in 2026, subject to shareholder and regulatory approvals and other customary conditions. It will be funded through a combination of MTN’s existing stake rollover, approximately $1.1 billion in cash from MTN, around $1.1 billion from IHS’s balance sheet, and the rollover of existing IHS debt. IHS will also be required to maintain a minimum cash balance of $355 million at closing.
Completion is partly dependent on IHS successfully divesting its Latin American tower business and fibre operations, both announced in February 2026.
Advisers to IHS include J.P. Morgan as financial adviser and Latham & Watkins LLP and Walkers (Cayman) LLP as legal counsel. MTN is being advised financially by BofA Securities and Citigroup Global Markets Limited, with Cravath, Swaine & Moore LLP serving as legal adviser.
If finalised, the transaction will significantly reshape ownership in Africa’s tower industry and consolidate one of the continent’s largest digital infrastructure platforms under its biggest mobile network operator.
MTN expands digital infrastructure services to African telecom operators
