MTN Agrees $6.2bn All-Cash Deal to Acquire IHS Towers

MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valuing the firm at approximately $6.2 billion, marking one of the largest telecom infrastructure deals involving an African operator.

The agreement follows weeks of negotiations between the companies that had been publicly reported earlier this month. Under the merger terms, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium to its 52-week volume-weighted average price and about a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.

Executive reactions

Chairman and CEO of IHS Towers, Sam Darwish, described the deal as a compelling opportunity for investors to realize value built over the company’s 25-year history.

He said the announcement provides certainty and immediate returns for shareholders and deepens the long-standing partnership between both firms, combining Africa’s largest mobile network operator with one of its biggest digital infrastructure platforms.

MTN’s Group President and CEO, Ralph Mupita, said the acquisition would strengthen MTN’s strategic and financial position as digital infrastructure becomes increasingly central to economic development across the continent.

According to him, the transaction offers MTN a unique chance to buy back its towers and strengthen its role as a development partner to countries where it operates, while maintaining high service standards for IHS customers.

Board and shareholder backing

IHS Towers’ board has unanimously approved the deal and recommended it to shareholders. MTN, which already owns roughly 24% of IHS on a fully diluted basis, has committed to vote its shares in favour of the transaction.

Long-term investor Wendel has also pledged support, bringing total committed backing to more than 40% of shareholders.

The cash consideration offers investors a defined exit following a strategic review launched amid geopolitical and macroeconomic volatility in key markets.

Background to the transaction

Earlier in the month, MTN confirmed in a cautionary notice that it was evaluating a potential buyout of minority shareholders of the New York Stock Exchange-listed IHS after market speculation.

The company warned that any deal could materially affect its share price and urged investors to exercise caution when trading its stock pending further announcements.

Financing structure and conditions

The transaction is expected to close in 2026, subject to shareholder and regulatory approvals and other customary conditions.

Funding will come from a combination of:

MTN’s existing stake rollover

About $1.1 billion in cash from MTN

Roughly $1.1 billion from IHS’s balance sheet

Rollover of existing IHS debt

IHS must also maintain a minimum cash balance of $355 million at closing. Completion partly depends on IHS successfully divesting its Latin American tower business and fibre operations, both announced in February 2026.

Financial advisory for IHS is being handled by J.P. Morgan, while legal counsel includes Latham & Watkins LLP and Walkers (Cayman) LLP.

On MTN’s side, advisers include BofA Securities and Citigroup Global Markets Limited, with legal advice from Cravath, Swaine & Moore LLP.

Company profile

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 telecom infrastructure.

Headquartered in London and listed in New York since its 2021 IPO, the company manages more than 37,000 towers across seven African markets including South Africa, Cameroon, Côte d’Ivoire and Zambia as well as Latin American operations in Brazil and Colombia. MTN remains its largest customer.