The board of IHS Holding Limited has unanimously endorsed MTN Group’s proposed $2.2 billion all-cash acquisition of the telecom infrastructure giant, clearing a major hurdle in the move to take the company private.
In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 19, IHS disclosed that its board determined the transaction is in the best interests of both the company and its shareholders. The board also concluded that MTN’s offer of $8.50 per share represents fair value for ordinary shareholders.
The deal, first announced in February 2026, will see MTN acquire all outstanding shares of IHS through a Dutch subsidiary. Once completed, IHS will be delisted from the New York Stock Exchange, ending its run as a publicly traded company less than five years after its 2021 initial public offering.
Shareholders are expected to vote on the proposal at an extraordinary general meeting scheduled to hold in London later this year. The transaction will require approval from at least two-thirds of votes cast at the meeting.
MTN heads into the vote with significant backing already secured. Its investment vehicle, which controls about 21 per cent of IHS voting rights, has committed to supporting the transaction. French investment firm Wendel, which holds roughly 20 per cent of the company’s voting power, has also agreed to vote in favour of the acquisition. Combined, the two shareholders account for more than 40 per cent of the voting rights ahead of the meeting.
MTN is currently both IHS’s largest shareholder and biggest customer, contributing about 62 per cent of the tower company’s revenue. The telecoms giant believes full ownership of IHS will strengthen its strategic control of critical telecommunications infrastructure across Africa.
As part of the conditions tied to the transaction, IHS must complete the divestment of its Latin American operations before the acquisition can be finalised.
The proxy statement filed with regulators remains preliminary, while final voting procedures and details of the shareholder meeting are expected to be released ahead of the vote.
