Excerpt: MTN Group agrees $6.2 billion all-cash acquisition of IHS Towers, strengthening Africa digital infrastructure partnership and expansion strategy.
MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valuing the company at an enterprise value of approximately $6.2 billion, deepening a long-standing partnership between Africa’s largest mobile network operator and one of the continent’s biggest digital infrastructure platforms.
The deal, which follows weeks of negotiations publicly reported earlier this month, will see IHS shareholders receive $8.50 per ordinary share in cash — representing a 36 per cent premium to its 52-week volume-weighted average price and a 3 per cent premium to its unaffected closing price of $8.23 on 4 February 2026.
Chairman and Chief Executive Officer of IHS Towers, Sam Darwish, described the agreement as a defining moment for the company after 25 years of growth.
“Today’s announcement creates a compelling opportunity that provides certainty and immediate returns for our shareholders, enabling them to crystallize the significant value generated during our strategic review.
“The proposed transaction deepens our long-standing partnership with MTN, as it combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms, and underscores the strong connection between IHS Towers and the African continent,” he said.
IHS’ Board of Directors has unanimously approved the transaction and recommended it to shareholders.
MTN, which already owns roughly 24 per cent of IHS on a fully diluted basis, has committed to vote its shares in favour of the deal. Long-term investor Wendel has also pledged its support, bringing total committed backing to more than 40 per cent of shareholders.
Group President and Chief Executive Officer of MTN, Ralph Mupita, said the acquisition would reinforce the company’s strategic and financial position at a time when digital infrastructure is increasingly central to economic development across the continent.
“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation-states in which we operate.
“For IHS customers and partners across the continent, we commit to continuing high standards of service and the right governance of what is the largest standalone and integrated tower company in Africa, enabled by the excellent people within IHS,” he said.
Earlier this month, MTN had issued a cautionary notice confirming it was evaluating a potential transaction to acquire the roughly 75 per cent stake in IHS Holding Limited that it does not already own, following market speculation. The company warned investors at the time that if concluded, the deal could have a material impact on its share price and urged shareholders to exercise caution when trading its stock pending further announcements.
The transaction is expected to close in 2026, subject to shareholder and regulatory approvals, as well as other customary conditions.
Funding will come from a combination of MTN’s existing stake rollover, approximately $1.1 billion in cash from MTN, about $1.1 billion from IHS Towers’ balance sheet, and the rollover of existing IHS debt. The company is also required to maintain a minimum cash balance of $355 million at closing.
Completion of the deal is partly dependent on IHS successfully divesting its Latin American tower business and its fibre operations, both announced in February 2026.
J.P. Morgan is serving as financial adviser to IHS Towers, while Latham & Watkins LLP and Walkers are acting as legal counsel.
On MTN’s side, BofA Securities and Citigroup Global Markets Limited are acting as financial advisers, with Cravath, Swaine & Moore LLP providing legal advice.
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 telecommunications infrastructure.
Headquartered in London and listed on the New York Stock Exchange following its 2021 initial public offering, IHS manages more than 37,000 towers across seven markets in Africa — including Nigeria, South Africa, Cameroon, Côte d’Ivoire and Zambia — as well as Latin American markets such as Brazil and Colombia. MTN remains its largest customer.
Boluwatife Enome
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