₦airaland Forum

MTN Group to Acquire IHS Towers in $6.2 Billion Deal — The Business Bureau

By Enemona Samuel Endurance

MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valuing the telecom infrastructure giant at an enterprise value of approximately $6.2 billion.

The landmark deal, now making headlines across Nigeria News Today, follows weeks of negotiations between the two companies and represents one of the largest infrastructure consolidation moves in Africa’s telecommunications sector.

Under the terms of the merger agreement, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium to its 52-week volume-weighted average price and a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.

What Executives Are Saying

Chairman and CEO of IHS Towers, Sam Darwish, described the agreement as a strategic milestone in the company’s 25-year history.

“Today’s announcement creates a compelling opportunity that provides certainty and immediate returns for our shareholders, enabling them to crystallize the significant value generated during our strategic review.

The proposed transaction deepens our long-standing partnership with MTN, combining Africa’s largest mobile network operator with one of its largest digital infrastructure platforms,” he said.

MTN Group President and CEO, Ralph Mupita, said the acquisition strengthens MTN’s long-term strategic positioning.

“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.

We commit to maintaining high governance standards across what will be the largest standalone and integrated tower company in Africa,” he stated.

Deal Structure and Shareholder Support

IHS Towers’ Board of Directors has unanimously approved the transaction and recommended it to shareholders.

MTN, which already holds roughly 24% of IHS on a fully diluted basis, has committed to vote its shares in favour of the deal. Long-term investor Wendel has also pledged support, bringing total committed backing to over 40% of shareholders.

The transaction provides shareholders with immediate cash consideration following a strategic review initiated amid macroeconomic volatility across reminder markets.

Backstory to the Acquisition

The agreement follows earlier reports that MTN Group was in talks to acquire the roughly 75% stake in IHS Holding Limited it did not already own.

In a prior cautionary notice to investors, MTN confirmed it was evaluating a potential buyout of minority shareholders of the New York Stock Exchange-listed IHS.

The company warned at the time that any concluded transaction could materially impact its share price and advised shareholders to exercise caution pending further announcements.

Funding and Completion Timeline

The deal is expected to close in 2026, subject to shareholder and regulatory approvals and other customary closing conditions.

Approximately $1.1 billion in cash from MTN

About $1.1 billion from IHS Towers’ balance sheet

Rollover of MTN’s existing 24% stake

Rollover of existing IHS debt

The company must maintain a minimum cash balance of $355 million at closing.

Completion is also partly dependent on IHS divesting its Latin American tower business and fibre operations, both announced in February 2026.

J.P. Morgan is serving as financial advisor to IHS Towers, while Latham & Watkins LLP and Walkers (Cayman) LLP are acting as legal counsel. On MTN’s side, BofA Securities and Citigroup Global Markets Limited are financial advisors, with Cravath, Swaine & Moore LLP providing legal advice.

What You Should Know

Founded in 2001 with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure.

Headquartered in London and listed on the NYSE following its 2021 IPO, IHS manages over 37,000 towers across seven African markets including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as Brazil and Colombia in Latin America.

MTN remains IHS’s largest customer.

As covered by The Business Bureau, the acquisition signals further vertical integration in Africa’s telecoms ecosystem, positioning MTN to exert greater control over infrastructure costs, network expansion, and long-term digital strategy.

Stay with The Business Bureau for continued coverage of major corporate developments shaping Nigeria News Today.

Source: The Business Bureau

Nigeria has become MTN's cash cow
They are making more money than even south Africa they come from
Na dem sell towers give IHS na dem still buy am back
The founder of IHS is definitely walking home with some good bucks in this

Nice One indeed, MTN really improving the economy.

Lesson learnt .Not enough original content

Wow very good pictures please

Na me supposed buy that tower.. But mtn over take me....

MTN should take a cue from Starlink and deploy satellite technology for internet services. This is 2026 - stop giving APC a reason to take us backwards. MTN has made enough money in Nigeria and Africa to deploy that technology

Congratulations to MTN

Omo, this is interesting. So MTN now owns the very company that supplies most telecom infrastructure to its competitors? What could go wrong tho?

This is the first time I have heard the name, IHS Towers as telecoms infrastructure provider in Nigeria. The usual names are Huawei, Ericsson, etc...

Congratulations to MTN!

Nigeria offers the largest market for MTN.
They should be thinking of giving special consideration to the nation.

Great achievement for MTN.

Where is the picture of the tower🤷🤷🤷

Wow ! 6.2 million Dollars. Not small money o. Congrats to them

Hopefully the can revamp the industry.
IHS was a curse to the industry.
If you into telecoms this is good news.
Go and dust your boots

MTN buys back towers it once sold to IHS

IHS has always been a subsidiary of MTN. I knew this as far back as 2016/2017 so I don't understand this deal.

EleventhWeirdo:
Omo, this is interesting. So MTN now owns the very company that supplies most telecom infrastructure to its competitors? What could go wrong tho?

Airtel will now be at the mercy of MTN. Most telecom sites in Nigeria are shared sites. With MTN acquiring IHS infrastructure, Airtel has a new landlord who is it's long term competitor.

Big money move by MTN. This is a good news for the industry 👍👍👍.

And some mumu believes whatever the oppositions, critics and bad belle people says about Nigeria economy not working!
The truth is, we're used to getting free money by dint of low productivity inputs and getting high returns!

CuteTj:
IHS has always been a subsidiary of MTN. I knew this as far back as 2016/2017 so I don't understand this deal.

Simply put. MTN had minority shares with IHS infrastructure before now, making them independent of MTN.
With this new deal, they're no more independent of MTN but an integral part of the MTN group

Kukutente23:
Nigeria has become MTN's cash cow
They are making more money than even south Africa they come from

That's really a beauty of doing business strategically taking into cognizance, the opportunities and threats that abound.

They should just say etisalat cos I think the IHS acquired majorit of etisalat towers in Nigeria sometime ago.

persius555:
Airtel will now be at the mercy of MTN. Most telecom sites in Nigeria are shared sites. With MTN acquiring IHS infrastructure, Airtel has a new landlord who is it's long term competitor.

You are 100% right brother

Figure lies
The figure is way too much na

Even with the Bad Network see billions dem dey cash out from us

datola:
This is the first time I have heard the name, IHS Towers as telecoms infrastructure provider in Nigeria. The usual names are Huawei, Ericsson, etc...

Congratulations to MTN!

Telecom infrastructure is different from telecoms equipment vendor. Those you mentioned are equipment vendors

Bimpe29:
That's really a beauty of doing business strategically taking into cognizance, the opportunities and threats that abound.

More like the potential that exists in large population if they have purchasing power

Watch out for Access holdings

37,000 Towers & communication infrastructures across Africa & Latin America.
That's massive.
Wow!
A masterstroke purchase from MTN.

NewHe:
And some mumu believes whatever the oppositions, critics and bad belle people says about Nigeria economy not working!
The truth is, we're used to getting free money by dint of low productivity inputs and getting high returns!

Zombies sef
What does this have to do with the economy working or not.
MTN changing its business strategy has nothing to do with how badly or otherwise your god is mismanaging the economy

Congratulations to MTN.
Now they can restructure the O&M of those tower for max efficiency.

This should improve their services, and obviously hand them more present and future market share.

SaturnNick:
Where is the picture of the tower🤷🤷🤷

Just look the window, you will probably see one of their stalls in the distance.