Telecommunications giant MTN Group has announced that the board of IHS Towers has accepted an offer of $8.50 per share in a deal that could see the operator raise its stake to full ownership, subject to regulatory clearances and the delisting of IHS from the New York Stock Exchange.
The proposed buyout follows IHS’s planned divestment of its Latin American operations scheduled for February 11 and 17, 2026. Upon completion of those disposals, MTN intends to acquire the entirety of the remaining business, consolidating control of nearly 29,000 telecom towers across Africa that currently serve operators in five of its key markets.
The transaction, first signalled in discussions disclosed on February 5, is valued at about $2.2 billion for the shares MTN does not already hold. Funding will be sourced from roughly $1.1 billion cash on IHS’s balance sheet, alongside existing liquidity and debt facilities available to MTN. The group presently owns about 24.7 per cent of the tower company and plans to acquire all outstanding shares through a cash merger that would take the firm private.
Analysts note that reintegrating the infrastructure would enable MTN to internalise margins currently paid to IHS, tap into third-party tenancy revenues, improve cost visibility and unlock long-term value tied to assets it originally developed.
Describing the move as strategically significant, MTN President and Chief Executive Officer Ralph Mupita said the acquisition would reinforce the group’s financial position and strengthen its role in advancing digital infrastructure across the continent. He added that bringing tower assets back under direct ownership would enhance MTN’s capacity to support national development partnerships in its operating markets.
Under the terms, IHS shareholders would receive $8.50 per share, representing a 9.7 per cent premium to the company’s 30-day volume-weighted average price as of February 4, the last trading day before MTN issued its cautionary notice.
Long-term investor Wendel has already signalled support for the deal and intends to vote in favour, a move that secures roughly 40 per cent of the two-thirds shareholder approval threshold required for completion.
Commenting on the development, IHS Chairman and CEO Sam Darwish said the transaction underscores the longstanding relationship between both companies and reflects the strategic importance of African digital infrastructure. He added that customers and partners should expect continuity in service quality and governance standards.
MTN indicated that no new equity issuance would be required to finance the acquisition, though leverage may rise in the short term. The company expects the deal to enhance earnings and cash flow once finalised. Completion remains contingent on shareholder endorsement, regulatory approvals in relevant jurisdictions and customary closing conditions.
