MTN Group has announced plans to take full ownership of IHS Towers, one of the world’s largest tower companies, in a landmark transaction that would see the telecoms giant increase its shareholding to 100%.
The board of IHS Towers accepted MTN’s offer of US$8.50 per share on February 17, 2026 — a 9.7% premium to the stock’s 30-day volume-weighted average price on the New York Stock Exchange (NYSE) as at February 4, 2026. The deal will require the delisting of IHS from the NYSE and is subject to shareholder and regulatory approvals.
A Strategic Reintegration
MTN currently holds approximately 24.7% in IHS Towers and intends to acquire all remaining outstanding shares through a cash merger, effectively taking the company private.
The total consideration for the shares MTN does not already own stands at approximately US2.2 billion, to be funded through roughly US1.1 billion in cash on IHS’s balance sheet, alongside available liquidity and debt from MTN. No new equity issuance will be required at the MTN Group level.
The transaction follows initial discussions flagged on February 5, 2026, and comes shortly after IHS announced the disposal of its Latin American assets on February 11 and February 17, 2026. Upon completion of those disposals, MTN intends to acquire 100% of IHS’s remaining business.
What MTN Stands to Gain
IHS Towers operates nearly 29,000 high-quality towers across five key MTN markets in Africa, serving multiple mobile network operators. By reintegrating these assets, MTN expects to internalise margins currently paid to IHS, benefit from third-party revenues, improve cost predictability and unlock significant long-term value embedded in its existing investment.
The deal is forecast to be accretive to both net income and cash flow, with MTN maintaining its commitment to disciplined capital allocation and shareholder remuneration going forward.
Shareholder Support Already Secured
Long-term IHS shareholder Wendel has issued a letter of support, committing to vote in favour of the transaction. Combined with MTN’s own voting rights, approximately 40% of the minimum two-thirds shareholder approval required has already been secured.
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IHS Chairman and CEO Sam Dawish welcomed the deal, describing it as one that deepens a long-standing partnership and brings together Africa’s largest mobile network operator with one of its most significant digital infrastructure platforms.
A Defining Move for Africa’s Digital Future
MTN has positioned the transaction as a pivotal step in strengthening its strategic and financial standing at a time when digital infrastructure is becoming increasingly central to Africa’s growth.
By reclaiming ownership of its tower assets, the group says it will be better placed to serve as a partner for progress to the nations in which it operates.
The proposed transaction remains subject to IHS shareholder approval, regulatory clearances across relevant markets and other customary closing conditions.