By By Elizabeth Ugbo
MTN Group Ltd., Africa’s largest mobile operator, has agreed to acquire IHS Holding Ltd., a leading telecommunications tower company, in an all-cash $6.2 billion transaction announced on Tuesday. The acquisition aims to strengthen MTN’s digital infrastructure and provide immediate returns to IHS shareholders.
$8.50 Per Share Offers 239% Premium
IHS Towers stated that shareholders will receive $8.50 per share. This represents a 239% premium compared to the share price at the start of its strategic review in March 2024. The deal provides shareholders a secure way to realise gains from the strategic review.
Board Approval and Shareholder Support
IHS Towers’ Board of Directors unanimously approved the acquisition. MTN has committed to vote all its IHS shares in favor. Additionally, long-term shareholder Wendel supports the deal. Combined, these shareholders represent over 40% support, securing momentum for the transaction.
Strategic Partnership Deepens
Chairman and CEO of IHS Towers, Sam Darwish, highlighted that the transaction strengthens the long-standing partnership with MTN. He emphasized that IHS Towers has grown from a single tower to 40,000 towers across eleven African countries over 25 years.
Transaction Details and Funding
The acquisition is expected to close in 2026, subject to shareholder and regulatory approvals. Funding will include:
- MTN’s existing 24% stake rollover in IHS Towers
- $1.1 billion in cash from MTN
- $1.1 billion in cash from IHS Towers’ balance sheet
- Rollover of existing IHS Towers debt (up to current levels)
IHS Towers must maintain a minimum cash balance of $355 million at closing. Completion relies partly on selling its Latin American tower and fibre assets announced in February 2026.
MTN CEO Comments
Ralph Mupita, MTN Group President and CEO, said the acquisition strengthens MTN’s strategic and financial position. He emphasized the growing importance of digital infrastructure for Africa’s development.
Mupita assured that IHS customers and partners will continue to receive high-quality service. He praised the company’s employees for enabling IHS to become Africa’s largest integrated tower company.
