MTN clears Key hurdle in $6.2bn IHS towers acquisition

By Abubakar Yunus

MTN Group has moved a step closer to completing its proposed $6.2bn acquisition of IHS Holding Limited after shareholders of the telecommunications infrastructure company overwhelmingly approved the transaction.

The approval, secured at an Extraordinary General Meeting, removes one of the last major hurdles for the all-cash deal first announced in February 2026.

However, the acquisition is still subject to regulatory approvals and other customary closing conditions before it can be completed.

When finalised, the transaction will see MTN take full ownership of IHS Holding Limited, combining Africa’s largest mobile network operator with one of the continent’s biggest independent telecommunications infrastructure providers.

MTN Group President and Chief Executive Officer, Ralph Mupita, described the shareholders’ endorsement as a significant milestone in the acquisition process.

“The overwhelming support from IHS shareholders marks a significant milestone in the transaction process. We look forward to completing the deal, subject to the remaining regulatory approvals and customary closing conditions,” Mupita said.

He said the acquisition would strengthen MTN’s digital infrastructure ambitions and position the company for long-term growth.

“Towers are a key driver of value that will strengthen MTN’s strategic and financial position for the future. This deal is fully aligned with our Ambition 2030 strategy, where digital infrastructure plays a central role in ensuring connectivity, supporting the rising demand for digital services and artificial intelligence, and creating long-term value for our stakeholders,” he added.

Under the agreement announced in February, MTN offered $8.50 per share in cash for about 75 per cent of IHS shares it does not already own, placing the enterprise value of the tower company at approximately $6.2bn.

The acquisition marks a major strategic shift for MTN, reversing an industry trend that saw telecom operators divest tower assets to independent infrastructure firms before leasing them back to reduce capital expenditure.

With full ownership of IHS, MTN is expected to gain greater control of its network infrastructure, reduce long-term leasing costs and accelerate investments in next-generation connectivity.

Industry analysts believe the transaction will further strengthen MTN’s leadership as demand for broadband services, cloud computing, artificial intelligence and digital solutions continues to grow across Africa.

Founded in Nigeria in 2001, IHS Towers has expanded into one of the world’s largest independent owners and operators of shared telecommunications infrastructure, with operations across Africa and Latin America.

The company manages tens of thousands of telecom towers and provides infrastructure services to leading mobile operators, including MTN, Airtel and Orange.

If completed after regulatory approvals, the transaction will rank among the largest mergers in Africa’s telecommunications sector and is expected to reshape the continent’s digital infrastructure landscape.