MTN to acquire IHS Towers in $6.2 billion all-cash deal

MTN Group has agreed to acquire IHS Holding Ltd. in a $6.2 billion all-cash transaction, marking one of the largest telecom infrastructure deals involving an African operator in recent years.

IHS announced the agreement on Tuesday, confirming that shareholders will receive $8.50 per share. The offer represents a 239% premium compared to the company’s share price at the beginning of its strategic review in March 2024, providing investors with a significant immediate return.

The acquisition signals MTN’s strategic push to deepen its control over telecom infrastructure, particularly tower assets that form the backbone of mobile network coverage across Africa and other emerging markets.

Once completed, IHS Towers will become a wholly owned subsidiary of MTN, and its ordinary shares will be delisted from public markets.

Deal backed by major shareholders as MTN strengthens long-term infrastructure strategy

The board of IHS Towers has unanimously approved the transaction and is recommending that shareholders vote in favour of the acquisition. MTN, which already holds a significant stake in IHS, has also committed to voting its shares in support of the deal.

In addition, long-term investor Wendel has provided formal backing, meaning more than 40% of shareholder support has already been secured ahead of the final vote.

In a statement, IHS said the transaction offers shareholders certainty and the opportunity to realize value created during a period marked by economic volatility and shifting global market conditions.

The acquisition also reflects MTN’s broader strategy to consolidate ownership of critical telecom infrastructure, which could help the company improve network efficiency, reduce operating costs, and strengthen service reliability across its footprint.

IHS Towers operates approximately 40,000 telecom towers across 11 countries, making it one of the largest independent tower operators globally and a key infrastructure partner to major telecom providers.

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IHS leadership highlights long-term partnership and future growth potential

Chairman and CEO of IHS Towers, Sam Darwish, described the acquisition as a significant milestone for both companies.

He said the deal builds on a longstanding partnership and reflects the strategic alignment between Africa’s largest mobile network operator and one of its most important infrastructure providers.

According to Darwish, the acquisition also creates a clear and immediate value opportunity for shareholders while positioning the business for long-term growth under MTN’s ownership.

“The proposed transaction deepens our long-standing partnership with MTN and combines Africa’s largest mobile operator with one of its largest digital infrastructure platforms,” he said.

MTN’s move comes at a time when telecom operators globally are seeking greater control over infrastructure to support rising data demand, expansion of digital services, and the rollout of next-generation technologies.

By bringing IHS Towers fully under its control, MTN is expected to strengthen its operational efficiency, enhance network expansion capabilities, and reinforce its leadership position in Africa’s highly competitive telecom sector.

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