MTN Reaches $6.2bn Agreement to Purchase IHS Towers

The MTN Group Ltd. has taken a decisive step in its long-running push to strengthen control of its network assets, agreeing to buy IHS Holding Ltd. in a landmark $6.2bn all-cash deal. The proposed MTN acquisition marks one of the biggest infrastructure transactions in Africa’s telecom history and could reshape the continent’s digital backbone.

IHS confirmed the agreement in a statement issued on Tuesday. The company noted that shareholders will receive $8.50 per share, a figure that represents a dramatic 239 per cent premium on the share price recorded when its strategic review began in March 2024. The premium, according to IHS, gives investors “an immediate and certain opportunity” to realise the gains made since the review.

The IHS Board has already given unanimous approval for the transaction and recommended that shareholders endorse it. The announcement added that “MTN has agreed to vote all of its IHS shares in favour of the transaction,” while long-term shareholder Wendel has also pledged support. Combined, the two shareholders represent more than 40 per cent backing, giving the MTN acquisition a strong runway toward completion.

A Deal That Rewrites an Old Partnership

IHS Chairman and CEO Sam Darwish described the agreement as a timely opportunity. He said it “creates a compelling opportunity that provides certainty and immediate returns for shareholders” and emphasised the long partnership between both companies. He noted that IHS had grown from “a single tower in one market” into a platform with roughly 40,000 towers across eleven countries at its peak.

MTN’s Group President and CEO, Ralph Mupita, offered a similar sentiment. He called the MTN acquisition “a pivotal step in further strengthening MTN Group’s strategic and financial position,” stressing that digital infrastructure will remain essential for Africa’s economic advancement. He added that MTN intends to maintain strong service standards for IHS customers.

MTN plans to fund the deal through a mix of methods. The breakdown includes the rollover of MTN’s existing 24 per cent stake in IHS, roughly $1.1bn in MTN cash, another $1.1bn from IHS’s balance sheet and a controlled rollover of the company’s existing debt. IHS Towers must also retain at least $355m in cash at closing.

The transaction’s successful completion depends partly on IHS wrapping up its planned sale of Latin American tower and fibre operations, announced earlier in February 2026. These sales form part of the broader restructuring that began under its strategic review.

If the acquisition is finalised, IHS will be delisted, becoming a fully owned subsidiary of MTN. Analysts believe this would give MTN greater control over network expansion, lower long-term operating costs and place it in a stronger position as competition tightens across the region.