MTN Group, Africa’s largest mobile network operator, is in advanced discussions to acquire the remaining 75 per cent stake in IHS Holding Limited, a move that would give the telecom giant full ownership of one of the world’s largest independent tower companies.
In a cautionary notice to investors released on Thursday, MTN confirmed it is evaluating a potential buyout of minority shareholders in New York Stock Exchange–listed IHS, following growing market speculation.
MTN said any potential offer would likely be priced close to IHS’s last trading price on February 4, 2025, noting that the company’s shares have rallied strongly in recent months amid renewed investor interest in telecom infrastructure.
However, the group stressed that no binding agreement has been reached and cautioned that there is no certainty the talks will result in a transaction. MTN warned that any completed deal could have a material impact on its share price, urging shareholders to trade with caution pending further updates.
MTN already holds a significant minority stake in IHS and maintains a long-standing operational relationship with the tower company across several African markets.
Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements, including a landmark 2022 deal in South Africa involving more than 5,700 towers. These transactions allowed MTN to unlock capital tied up in infrastructure while retaining long-term access under master lease agreements.
A full acquisition would represent a major strategic reversal, effectively bringing tower assets back under MTN’s direct control after years of infrastructure outsourcing.
MTN has previously raised corporate governance concerns at IHS, providing additional context for the cautious tone of its latest disclosure.
The group added that if the talks do not lead to a deal, it will continue exploring other options to unlock value from its investment in IHS, in line with its disciplined capital allocation strategy.
Founded in 2001 by Sam Darwish with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecom infrastructure.
Headquartered in London and listed on the NYSE following its 2021 IPO, IHS manages over 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 remains IHS’s largest customer.
The potential buyout underscores shifting dynamics in Africa’s telecom sector, as operators reassess the balance between owning versus leasing critical network assets amid rising data demand, tighter liquidity, and evolving market conditions.
