MTN Group Acquires IHS Towers in $6.2bn Deal, but FG Orders Review

MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valued at approximately $6.2 billion.

The deal, announced after weeks of negotiations, is one of Africa’s largest telecom infrastructure consolidations.

IHS shareholders will receive $8.50 per share in cash, representing a 36% premium to its 52-week average price and a 3% premium to its closing price of $8.23 on February 4, 2026.

IHS Towers Chairman and CEO Sam Darwish described the agreement as a milestone. “Today’s announcement creates a compelling opportunity that provides certainty and immediate returns for our shareholders,” he said.

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

“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress,” he stated.

Deal Structure

IHS Towers’ Board of Directors has unanimously approved the transaction. MTN, which already owns about 24% of IHS, has pledged to vote in favor.

Long-term investor Wendel also supports the deal, bringing committed backing to over 40% of shareholders.

The transaction will be funded by approximately $1.1 billion in cash from MTN, $1.1 billion from IHS’s balance sheet, rollover of MTN’s existing stake, and existing IHS debt. IHS must maintain a minimum cash balance of $355 million at closing.

Completion is expected in 2026, subject to shareholder and regulatory approvals. It also depends on IHS divesting its Latin American tower and fiber operations.

However, Nigeria’s Federal Government has announced plans to subject the acquisition to a comprehensive regulatory review.

Minister of Communications, Innovation and Digital Economy, Bosun Tijani, said the ministry is closely monitoring developments.

“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation, and social inclusion, the Ministry will undertake a thorough assessment,” he stated.

Tijani added that the government’s objective is to ensure consolidation protects consumers and sustains industry health.

Background

Founded in 2001, IHS Towers has grown into one of the world’s largest independent owners of shared telecom infrastructure.

Headquartered in London and listed on the New York Stock Exchange since 2021, IHS manages more than 37,000 towers across Africa and Latin America.

MTN remains IHS’s largest customer. The acquisition will give MTN full ownership, delisting IHS and converting it into a wholly owned subsidiary.

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