MTN Group, Africa’s largest mobile operator, has agreed to acquire IHS Holding Ltd in an all-cash transaction valued at $6.2bn.
IHS announced the deal on Tuesday, stating that shareholders will receive $8.50 per share. The offer represents a 239 per cent premium over the company’s share price at the start of its strategic review in March 2024.
According to the company, the transaction provides shareholders with an immediate and certain opportunity to realise value generated since the strategic review began on 12 March 2024. The review was initiated during a period marked by geopolitical and macroeconomic volatility in key operating markets.
IHS Towers’ Board of Directors has unanimously approved the agreement. The board also resolved to recommend the transaction to shareholders.
MTN has agreed to vote all of its IHS shares in favour of the deal. Long-term shareholder Wendel has also provided a letter of support backing the transaction. Combined, the two shareholders account for more than 40 per cent support for the proposed deal.
Upon completion, IHS Towers’ ordinary shares will no longer be publicly listed. The company will become a wholly owned subsidiary of MTN.
Chairman and CEO of IHS Towers, Sam Darwish, described the announcement as a compelling opportunity that delivers certainty and immediate returns for shareholders.
“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,” Darwish said.
He noted that IHS Towers has grown over 25 years from a single tower in one market to an eleven-country portfolio of approximately 40,000 towers at its peak.
The transaction is expected to close in 2026, subject to shareholder and regulatory approvals.
Funding for the deal will include the rollover of MTN’s existing approximately 24 per cent fully diluted stake in IHS Towers, alongside about $1.1bn in cash from MTN and approximately $1.1bn from IHS Towers’ balance sheet. Existing IHS debt will also be rolled over.
The company will be required to maintain a minimum cash balance of $355m at closing. Meeting some of these conditions depends on the successful sale of IHS’s Latin American tower and fibre operations announced in February 2026.
Group President and CEO of MTN, Ralph Mupita, described the acquisition as a pivotal step in strengthening MTN’s strategic and financial position.
“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,” Mupita said.
He added that MTN remains committed to maintaining high service standards and strong governance across what will become Africa’s largest standalone and integrated tower company.
