MTN Group Ltd., Africa’s largest mobile network operator, has reached an agreement to acquire IHS Holding Ltd., one of the world’s leading independent telecom tower companies, in an all-cash deal valued at $6.2 billion.
IHS announced the development on Tuesday, stating that shareholders will receive $8.50 per share — a price representing a 239 per cent premium compared to the company’s share value at the start of its strategic review in March 2024.
The Board of Directors of IHS Towers has unanimously approved the deal and plans to recommend it to shareholders for final approval.
According to the company, MTN has also agreed to vote all its existing IHS shares in support of the transaction, while another major shareholder, Wendel, has issued a letter of support backing the deal. Together, both investors account for more than 40 per cent of shareholder support, strengthening the chances of the transaction being successfully completed.
Once finalised, IHS Towers will be delisted from the stock market and become a fully owned subsidiary of MTN.
Chairman and CEO of IHS Towers, Sam Darwish, described the deal as a strong opportunity that guarantees immediate value for shareholders and further strengthens IHS’ long-standing partnership with MTN.
He noted that the agreement reflects the company’s growth journey over the last 25 years, expanding from a single tower to operations across 11 countries with nearly 40,000 towers at its peak.
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MTN Group President and CEO, Ralph Mupita, said the acquisition marks a major step in positioning MTN for the future, as digital infrastructure becomes increasingly vital to Africa’s development.
He explained that the deal gives MTN the chance to regain control of its towers while improving its strategic strength across the continent.
The transaction is expected to close in 2026, subject to regulatory and shareholder approvals. Funding will come from MTN’s existing stake in IHS, alongside cash contributions from both MTN and IHS, as well as debt arrangements already held by IHS Towers.
