MTN Agrees to $6.2 Billion Cash Purchase of IHS Towers

MTN Group has successfully negotiated a $6.2 billion cash acquisition of IHS Towers, enhancing its position within Africa's digital infrastructure landscape.

This transaction, which has been in the works for several weeks, strengthens the established alliance between Africa's leading mobile network operator and a major player in digital infrastructure on the continent. In this deal, IHS shareholders will receive $8.50 per ordinary share, representing a 36% premium based on the company's average share price over the last year, and a 3% increase above its closing price of $8.23 from 4 February 2026.

Sam Darwish, Chairman and Chief Executive Officer of IHS Towers, referred to the deal as a pivotal moment for the organization after 25 years of development. He articulated, "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 intensifies our enduring partnership with MTN, merging Africa’s largest mobile network operator with one of its principal digital infrastructure platforms, underscoring IHS Towers' integral relationship with the continent," he added.

The Board of Directors of IHS has unanimously supported the deal and is recommending it to the shareholders. Currently, MTN holds about 24% of IHS on a fully diluted basis, and the company has pledged to vote in favor of the acquisition. Furthermore, long-term investor Wendel has also expressed their support, leading to over 40% of shareholders backing the agreement.

Ralph Mupita, Group President and Chief Executive Officer of MTN, mentioned that this acquisition will bolster the company's strategic and financial standing as digital infrastructure grows increasingly vital to economic development widely across Africa.

He stated, "This transaction presents us with a distinctive opportunity to repurchase our towers, enhancing our potential to contribute positively to the nations where we operate.

"We are committed to maintaining high service standards and governance for IHS customers and partners throughout the continent, backed by the talented individuals within IHS," he assured.

Earlier this month, MTN had released a cautionary announcement indicating it was considering a potential acquisition of the remaining approximately 75% stake in IHS Holding Limited that it does not already own, following market speculation. The company had cautioned investors that the deal, if finalized, could significantly impact its share price and advised shareholders to be cautious in their trading activities until further announcements were made.

The completion of this transaction is anticipated in 2026, contingent upon regulatory and shareholder approvals, as well as customary conditions. The funding will be sourced from a mix of MTN’s existing equity, around $1.1 billion in cash from MTN, an additional $1.1 billion from the balance sheet of IHS Towers, and the rollover of current IHS debt. Furthermore, the company is expected to maintain a minimum cash balance of $355 million at the time of closing.

The successful completion of the deal is dependent on IHS winding down its Latin American tower business and associated fibre operations, announcements made earlier in February 2026.

J.P. Morgan is serving as financial adviser for IHS Towers, while Latham & Watkins LLP and Walkers are providing legal counsel. On MTN’s side, financial advice is being furnished by BofA Securities and Citigroup Global Markets Limited, with legal guidance from Cravath, Swaine & Moore LLP.

Since its establishment in 2001 by Sam Darwish, focusing initially on Nigeria, IHS Towers has expanded into one of the world's largest independent operators of shared telecommunications infrastructure. With headquarters in London and public listing on the New York Stock Exchange following its 2021 IPO, IHS manages more than 37,000 towers across seven African markets—including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia—as well as operations in certain Latin American countries like Brazil and Colombia. MTN remains its largest client.