MTN Group Moves to Acquire IHS Towers in Landmark $6.2 Billion Telecom Infrastructure Deal
Africa’s largest mobile network operator, MTN Group, has announced plans to acquire telecom infrastructure firm IHS Towers in an all-cash deal valued at approximately $6.2 billion. The proposed acquisition represents one of the most significant consolidation moves in Africa’s telecommunications sector in recent years and is expected to reshape the continent’s digital infrastructure landscape.
The transaction follows weeks of negotiations between both companies and is designed to strengthen MTN’s long-term strategic positioning by bringing critical telecom tower infrastructure under its direct control. According to details released by both firms, the deal assigns an enterprise value of roughly $6.2 billion to IHS Towers, reflecting a premium offer to shareholders.
Under the terms of the agreement, shareholders of IHS Towers will receive $8.50 per ordinary share in cash. This represents a 36 percent premium compared to the company’s 52-week volume-weighted average share price and a 3 percent premium over its unaffected closing price of $8.23 as of early February 2026. The offer is intended to provide immediate value and certainty for investors amid fluctuating global economic conditions affecting emerging markets.
Executives from both companies have described the acquisition as a strategic milestone. Chairman and Chief Executive Officer of IHS Towers, Sam Darwish, said the transaction reflects the value built by the company over its 25-year history and offers shareholders an opportunity to realize returns following an extensive strategic review.
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Darwish noted that the deal deepens an existing relationship between the two firms, combining Africa’s largest mobile operator with one of its biggest digital infrastructure providers. He described the proposed merger as a natural evolution of their longstanding partnership.
Group President and Chief Executive Officer of MTN Group, Ralph Mupita, stated that the acquisition would strengthen the company’s ability to manage network expansion and infrastructure costs across its operating markets. According to him, bringing tower infrastructure in-house will enhance MTN’s capacity to support national digital development strategies and improve service delivery.
The board of directors of IHS Towers has unanimously approved the transaction and recommended it to shareholders. MTN Group, which already owns approximately 24 percent of IHS on a fully diluted basis, has committed to voting its shares in favour of the acquisition. In addition, long-term investor Wendel has pledged support, bringing total shareholder backing for the transaction to more than 40 percent.
The deal structure includes approximately $1.1 billion in cash from MTN Group and about $1.1 billion from IHS Towers’ balance sheet, alongside the rollover of MTN’s existing stake and existing IHS debt. As part of the agreement, IHS must maintain a minimum cash balance of $355 million at closing.
Completion of the transaction is expected later in 2026, subject to shareholder approval, regulatory clearances, and other customary conditions. The agreement also requires IHS to divest certain operations, including its Latin American tower business and fibre assets, which were announced for sale earlier in February 2026.
Founded in 2001 with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent telecommunications infrastructure providers. Headquartered in London and listed on the New York Stock Exchange since 2021, the company manages more than 37,000 towers across several African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as operations in Brazil and Colombia.
Industry analysts say the acquisition signals a broader trend toward vertical integration within Africa’s telecom sector. By owning more of its infrastructure, MTN is expected to gain greater control over network expansion, operating costs, and long-term digital strategy.
If completed, the merger will create what executives describe as the largest integrated and standalone tower company in Africa, positioning MTN to play an even more central role in the continent’s rapidly evolving digital economy.