MTN Group has agreed to acquire IHS Towers in an all-cash transaction that values the telecommunications infrastructure operator at an enterprise value of about $6.2 billion, deepening the mobile carrier’s control over critical network assets across Africa.
Under the terms of the merger agreement, shareholders of IHS will receive $8.50 per ordinary share in cash. The offer represents a 36 percent premium to the company’s 52-week volume-weighted average price and a 3 percent premium to its unaffected closing price of $8.23 on February 4, 2026.
The deal follows weeks of negotiations that were publicly disclosed earlier this month. MTN had previously confirmed it was evaluating a potential buyout of minority shareholders in the New York Stock Exchange-listed tower company after market speculation about a possible transaction.
IHS’s board unanimously approved the agreement and recommended it to shareholders. MTN, which already owns roughly 24 percent of IHS on a fully diluted basis, has committed to vote its shares in favor of the deal. Long-term investor Wendel has also pledged support, bringing total committed backing to more than 40 percent of shareholders.
The acquisition marks a strategic shift for MTN as it seeks to consolidate ownership of its tower infrastructure amid rising demand for digital connectivity and persistent macroeconomic volatility in several of its core markets.
Ralph Mupita, MTN’s group president and chief executive, said the transaction would allow the company to buy back tower assets that were previously separated from its balance sheet and strengthen its role as a long-term infrastructure partner in the countries where it operates.
The deal combines Africa’s largest mobile network operator with one of the continent’s largest independent tower platforms. For MTN, the move reduces reliance on third-party tower leases and could provide greater operational flexibility and cost visibility over time. For IHS shareholders, the transaction offers immediate liquidity following a strategic review initiated amid geopolitical and economic uncertainty.
Sam Darwish, chairman and chief executive of IHS Towers, described the agreement as an opportunity to crystallize value created over the company’s 25-year history. He said the combination deepens a longstanding partnership with MTN and underscores IHS’s connection to the African market, where it was founded and built its core business.
Founded in 2001 with an initial focus on Nigeria, IHS 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 since its 2021 initial public offering, the company manages more than 37,000 towers across seven African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire and Zambia, as well as operations in Brazil and Colombia. MTN is its largest customer.
The transaction structure includes a mix of equity rollover and cash funding. Approximately $1.1 billion will come from MTN in cash, alongside about $1.1 billion from IHS’s balance sheet. Existing IHS debt will be rolled over, and MTN’s current equity stake will be maintained as part of the consideration framework. IHS must also maintain a minimum cash balance of $355 million at closing.
Completion of the deal is expected in 2026 and remains subject to shareholder approval, regulatory clearances and other customary conditions. It is also contingent on IHS completing previously announced divestments of its Latin American tower business and its fiber operations, both disclosed in February 2026.
Earlier this month, MTN issued a cautionary notice to investors confirming that it was in discussions to acquire the roughly 75 percent stake in IHS that it does not already own. The company warned that a concluded transaction could have a material effect on its share price and advised shareholders to exercise caution pending further announcements.
Advisers to the transaction reflect its scale. J.P. Morgan is acting as financial adviser to IHS, with Latham & Watkins LLP and Walkers (Cayman) LLP serving as legal counsel. MTN is being advised by BofA Securities and Citigroup Global Markets Limited, with Cravath, Swaine & Moore LLP providing legal advice.
If completed, the acquisition would rank among the largest infrastructure transactions in Africa’s telecommunications sector in recent years. It underscores the growing strategic importance of tower assets as mobile operators seek greater control over network quality, capital allocation and long-term cost structures in markets where connectivity is closely tied to economic development.