MTN Group has announced that the board of IHS Towers has accepted an offer of $8.50 per share, paving the way for MTN to increase its shareholding to 100% and take the tower company private.
The proposed transaction is subject to shareholder and regulatory approvals, as well as the delisting of the company from the New York Stock Exchange (NYSE).
Transaction structure
MTN currently holds approximately 24.7% of IHS. Under the agreement, it intends to acquire all outstanding shares it does not already own through a cash merger. The total consideration for the remaining shares is estimated at $2.2 billion.
Funding will be sourced from approximately $1.1 billion in cash already on IHS’s balance sheet, available liquidity, and debt financing at MTN level.
The deal is expected to result in a short-term increase in leverage but will not require any new equity issuance by MTN. The group projects that the transaction will be accretive to both net income and cash flow.
Premium for IHS shareholders
IHS shareholders will receive $8.50 per share — representing a 9.7% premium to the 30-day volume-weighted average share price as of 4 February 2026, the last trading day before MTN’s cautionary announcement.
Long-term shareholder Wendel has issued a letter of support to vote in favour of the transaction and will receive full liquidity upon completion.
With Wendel’s backing and MTN’s voting rights, approximately 40% of the required two-thirds shareholder approval has already been secured.
Strategic rationale for acquiring IHS
The transaction follows IHS’s announced disposals on 11 and 17 February 2026 of its Latin American assets. Upon completion of those sales, MTN intends to acquire 100% of IHS’s remaining operations.
The company is one of the world’s largest independent tower operators, with nearly 29,000 towers across Africa, serving mobile network operators in five major MTN markets.
MTN said reintegrating the tower assets will internalise margins currently paid to IHS; improve cost predictability; unlock incremental third-party revenue opportunities; and strengthen control over critical digital infrastructure across its footprint.
MTN Group President and CEO Ralph Mupita described the move as a pivotal strategic step.
“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,” Mupita said.
He added that the acquisition provides MTN with a unique opportunity to “buy back our towers” and reinforce its long-term infrastructure position across African markets.
IHS Chairman and CEO Sam Darwish said the deal deepens the longstanding partnership between the two companies and combines Africa’s largest mobile network operator with one of its leading digital infrastructure platforms.
Next steps
The proposed acquisition remains subject to approval by IHS shareholders, regulatory clearances in relevant jurisdictions, and customary closing conditions.
If completed, the transaction will consolidate MTN’s control over a significant portion of its digital infrastructure assets, reinforcing its Ambition 2025 strategy of leading digital solutions for Africa’s progress.
