MTN Group Limited, Africa’s leading mobile network operator, has entered into a definitive merger agreement to acquire full ownership of IHS Holding Limited (IHS Towers), one of the world’s largest independent telecommunications infrastructure providers, in an all-cash transaction valuing the company at an enterprise value of approximately $6.2 billion.
Announced on February 17, 2026, the deal sees MTN purchasing the roughly 75-76% stake in IHS Towers it does not already own, building on its existing approximately 24% fully diluted interest. IHS Towers shareholders will receive $8.50 per ordinary share in cash—a premium of about 36% over the 52-week volume-weighted average price and a 3% premium to the unaffected closing price of $8.23 on February 4, 2026, just before reports of negotiations surfaced.
The offer also represents a substantial 239% premium to IHS Towers’ share price when it initiated a strategic review on March 12, 2024, amid challenging geopolitical and macroeconomic conditions in its core markets.
Sam Darwish, Chairman and CEO of IHS Towers, described the transaction as a strong opportunity to deliver immediate and certain value to shareholders after 25 years of building the business. “This agreement deepens our enduring partnership with MTN, uniting Africa’s largest mobile operator with one of its premier digital infrastructure platforms, while reinforcing our deep ties to the continent,” he said.
Ralph Mupita, Group President and CEO of MTN, highlighted the strategic benefits, noting that the acquisition will allow MTN to regain direct control over critical tower assets previously leased from IHS. “This move enhances our ability to support progress across the countries where we operate, while committing to maintain the highest service standards and governance for IHS customers and partners,” he stated.
IHS Towers’ Board of Directors has unanimously approved the deal and recommended it to shareholders. MTN has pledged to vote its existing shares in favor, and long-term investor Wendel has also committed support, securing backing from more than 40% of shareholders.
Funding will combine the rollover of MTN’s current stake, around $1.1 billion in cash from MTN, approximately $1.1 billion from IHS Towers’ balance sheet, and the rollover of existing IHS debt (capped at current levels). IHS must maintain a minimum cash balance of $355 million at closing.
The transaction’s completion hinges on several conditions, including shareholder and regulatory approvals, customary closing requirements, and the successful divestiture of IHS Towers’ Latin American tower business (agreed with Macquarie Asset Management) and its fiber operations, both announced in early February 2026.
The deal is expected to close later in 2026, after which IHS Towers would be delisted from the New York Stock Exchange and become a wholly owned subsidiary of MTN. J.P. Morgan served as financial advisor to IHS Towers, with legal counsel from Latham & Watkins LLP and Walkers (Cayman) LLP. On MTN’s side, BofA Securities and Citigroup acted as financial advisors, supported by Cravath, Swaine & Moore LLP.
Founded in 2001 and initially focused on Nigeria, IHS Towers has expanded into one of the globe’s top independent tower companies, operating thousands of sites across Africa and beyond. The acquisition reverses MTN’s earlier tower divestment strategy, positioning the group to better capitalize on rising demand for mobile data, 5G rollout, and digital connectivity across the continent.
