Nigeria News Today: MTN Group to Acquire IHS Towers in $6.2 Billion Deal — The Business Bureau
By Enemona Samuel Endurance
MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valuing the telecom infrastructure giant at an enterprise value of approximately $6.2 billion.
The landmark deal, now making headlines across Nigeria News Today, follows weeks of negotiations between the two companies and represents one of the largest infrastructure consolidation moves in Africa’s telecommunications sector.
Under the terms of the merger agreement, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium to its 52-week volume-weighted average price and a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.
What Executives Are Saying
Chairman and CEO of IHS Towers, Sam Darwish, described the agreement as a strategic milestone in the company’s 25-year history.
“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, combining Africa’s largest mobile network operator with one of its largest digital infrastructure platforms,” he said.
MTN Group President and CEO, Ralph Mupita, said the acquisition strengthens MTN’s long-term strategic positioning.
“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.
We commit to maintaining high governance standards across what will be the largest standalone and integrated tower company in Africa,” he stated.
Deal Structure and Shareholder Support
IHS Towers’ Board of Directors has unanimously approved the transaction and recommended it to shareholders.
MTN, which already holds roughly 24% 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 support, bringing total committed backing to over 40% of shareholders.
The transaction provides shareholders with immediate cash consideration following a strategic review initiated amid macroeconomic volatility across reminder markets.
Backstory to the Acquisition
The agreement follows earlier reports that MTN Group was in talks to acquire the roughly 75% stake in IHS Holding Limited it did not already own.
In a prior cautionary notice to investors, MTN confirmed it was evaluating a potential buyout of minority shareholders of the New York Stock Exchange-listed IHS.
The company warned at the time that any concluded transaction could materially impact its share price and advised shareholders to exercise caution pending further announcements.
Funding and Completion Timeline
The deal is expected to close in 2026, subject to shareholder and regulatory approvals and other customary closing conditions.
- Approximately $1.1 billion in cash from MTN
- About $1.1 billion from IHS Towers’ balance sheet
- Rollover of MTN’s existing 24% stake
- Rollover of existing IHS debt
The company must maintain a minimum cash balance of $355 million at closing.
Completion is also partly dependent on IHS divesting its Latin American tower business and fibre operations, both announced in February 2026.
J.P. Morgan is serving as financial advisor to IHS Towers, while Latham & Watkins LLP and Walkers (Cayman) LLP are acting as legal counsel. On MTN’s side, BofA Securities and Citigroup Global Markets Limited are financial advisors, with Cravath, Swaine & Moore LLP providing legal advice.
What You Should Know
Founded in 2001 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 NYSE following its 2021 IPO, IHS manages over 37,000 towers across seven African markets including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as Brazil and Colombia in Latin America.
MTN remains IHS’s largest customer.
As covered by The Business Bureau, the acquisition signals further vertical integration in Africa’s telecoms ecosystem, positioning MTN to exert greater control over infrastructure costs, network expansion, and long-term digital strategy.
Stay with The Business Bureau for continued coverage of major corporate developments shaping Nigeria News Today.
