MTN Group has agreed to acquire IHS Holding Limited in an all-cash transaction valued at $6.2 billion, marking one of the largest digital infrastructure deals in Africa and a strategic reversal of years of tower divestments.
Under the agreement announced Tuesday, IHS shareholders will receive $8.50 per share in cash.
The offer represents:
- 239 per cent premium to IHS’s share price on March 12, 2024 (when it announced a strategic review)
- 36 per cent premium to its 52-week volume-weighted average price as of February 4, 2026
- 3 per cent premium to its unaffected closing price of $8.23 on that date
Upon completion, IHS will delist from the New York Stock Exchange and become a wholly owned subsidiary of MTN.
Over the past decade, African telecom operators, including MTN, have sold tower assets to independent infrastructure firms to unlock capital and reduce debt. Before this deal, MTN held roughly 24 per cent fully diluted stake in IHS.
Now, as data demand accelerates and digital infrastructure becomes more strategic, MTN is moving to regain full ownership and operational control.
Ralph Mupita, MTN Group President and CEO, described the acquisition as a pivotal move that strengthens MTN’s financial and strategic position, particularly as infrastructure becomes central to Africa’s digital development.
IHS’s board unanimously approved the deal and recommended it to shareholders.
- MTN has committed to voting its shares in favour.
- Long-term shareholder Wendel has issued a letter of support.
- Combined, they represent over 40 Ralph Mupita shareholder backing already secured.
Sam Darwish, IHS Chairman and CEO, said the agreement provides shareholders with certainty and immediate value following a strategic review launched amid macroeconomic and geopolitical volatility.
From One Tower to 40,000
Founded 25 years ago with a single tower, IHS expanded into one of the world’s largest independent tower operators, managing approximately 40,000 towers across 11 countries at its peak.
If completed, the transaction would create the largest integrated tower operation in Africa under MTN’s control.
How the Deal Will Be Funded
The $6.2 billion transaction will be financed through:
- MTN rolling over its existing stake
- Approximately $1.1 billion in cash from MTN
- About $1.1 billion from IHS’s balance sheet
- Rollover of existing IHS debt
IHS must retain at least $355 million in cash at closing.
Completion is expected in 2026, subject to shareholder and regulatory approvals. Certain funding conditions depend on the successful sale of IHS’s Latin American tower operations and fiber business, both announced earlier in February.
Advisers include J.P. Morgan for IHS, and BofA Securities and Citigroup Global Markets for MTN.
Beyond the numbers, the acquisition signals a broader shift in Africa’s telecom strategy. After years of “asset-light” models, operators are reassessing the value of owning critical infrastructure as data consumption rises and digital sovereignty gains importance.
If finalised, the deal will tighten MTN’s control over both network operations and physical infrastructure, a decisive move in Africa’s increasingly competitive connectivity market.
