MTN Group, Africa’s largest telecom operator, is making a bold return to infrastructure ownership.
The company has announced plans to acquire full ownership of IHS Towers in a $2.2 billion deal that would bring nearly 29,000 telecom towers across Africa back under its control, marking a significant strategic shift for the continent’s biggest mobile network operator.
IHS has accepted an offer of $8.50 per share, a transaction that would raise MTN’s stake from about 24.7% to 100% and result in the tower company being taken private. The proposal, disclosed in a statement shared Tuesday, is subject to shareholder and regulatory approvals, including the delisting of IHS from the New York Stock Exchange.
At $8.50 per share, the offer represents a 9.7% premium to IHS’s 30-day volume-weighted average price as of February 4, 2026, the last trading day before MTN issued a cautionary notice about the deal. Still, IHS shares slipped to $8.16 on Tuesday evening following the announcement.
The transaction values IHS at approximately $6.2 billion.
A Strategic U-Turn
For MTN, the deal signals a reversal of a strategy it once embraced. Like many global telecom operators over the past decade, MTN spun off its tower assets to unlock capital and reduce capital expenditure pressures. Now, it wants those assets back.
By reintegrating the towers, MTN would internalise lease margins it currently pays to IHS and capture future revenue from third-party tenants directly. In an industry where infrastructure control increasingly defines competitive advantage, the move reflects a recalibration of priorities.
The acquisition also comes shortly after IHS announced plans to dispose of its Latin American operations earlier in February. Once those transactions are completed, MTN intends to acquire 100% of IHS’s remaining Africa-focused business.
IHS is one of the world’s largest independent tower companies, with a portfolio spanning five key MTN markets and supporting multiple mobile network operators.
Funding the Deal
MTN plans to fund the acquisition using roughly $1.1 billion in cash already sitting on IHS’s balance sheet, alongside available liquidity and additional debt at the group level. The company said it does not plan to issue new equity, though the structure could temporarily increase leverage.
Despite this, MTN expects the transaction to be earnings-accretive to both net income and cash flow.
“This proposed transaction is a pivotal step in further strengthening MTN Group’s strategic and financial position for a future where digital infrastructure will become ever more essential to Africa’s growth and development,” said MTN Group President and CEO, Ralph Mupita.
He described the acquisition as a unique opportunity to “buy back” MTN’s towers and strengthen its ability to partner with governments across its markets.
Shareholder Backing
Long-term IHS shareholder Wendel has already pledged support for the deal and committed to vote in favour of the transaction. With Wendel’s backing and MTN’s own voting rights, approximately 40% of the required two-thirds shareholder approval is effectively secured.
“The proposed transaction deepens our long-standing partnership with MTN,” said IHS Chairman and CEO Sam Darwish. “It combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms.”
If approved, the deal would create Africa’s largest integrated tower platform under MTN’s control consolidating both network operations and critical infrastructure within a single corporate structure.