By Ayomide Otitoju
MTN Group Ltd has agreed to acquire IHS Holding Ltd in an all-cash transaction valued at $6.2 billion, marking one of the largest telecom infrastructure deals in Africa.
IHS announced on Tuesday that shareholders will receive $8.50 per share, representing a 239 percent premium to its share price at the start of its strategic review in March 2024.
The Board of Directors of IHS Towers unanimously approved the agreement and recommended that shareholders vote in favour of the transaction. MTN has committed to vote its shares in support of the deal, while long-term shareholder Wendel has also pledged its backing. Combined, the two investors account for more than 40 percent shareholder support.
Upon completion, IHS Towers will be delisted and become a wholly owned subsidiary of MTN.
Chairman and Chief Executive Officer of IHS Towers, Sam Darwish, described the deal as a compelling opportunity that delivers certainty and immediate value for shareholders, allowing them to realise gains generated during the strategic review initiated amid geopolitical and macroeconomic volatility in key markets.
“The proposed transaction deepens our long-standing partnership with MTN and underscores our strong connection to Africa,” Darwish said, noting that IHS has grown over 25 years from a single tower in one market to a portfolio spanning 11 countries with approximately 40,000 towers at its peak.
The transaction, expected to close in 2026, remains subject to shareholder and regulatory approvals. It will be financed through the rollover of MTN’s existing approximately 24 percent stake in IHS, about $1.1 billion in cash from MTN, roughly $1.1 billion from IHS’s balance sheet, and the rollover of existing IHS debt. IHS is also required to maintain a minimum cash balance of $355 million at closing.
Completion of certain funding requirements depends on the successful sale of IHS’s Latin American tower and fibre operations, previously announced in February 2026.
MTN Group President and CEO Ralph Mupita described the acquisition as a strategic milestone.
“This proposed transaction is a pivotal step in strengthening MTN Group’s strategic and financial position for a future where digital infrastructure will be increasingly essential to Africa’s growth and development,” Mupita said. “It gives us a unique opportunity to buy back our towers and enhance our role as partners for progress in the markets where we operate.”
He added that MTN remains committed to maintaining high service standards and strong governance across what will become Africa’s largest standalone and integrated tower company.
