MTN Group Limited has agreed to acquire IHS Holding Limited in an all-cash transaction valued at about $6.2 billion, marking a major shift in Africa’s telecom and digital infrastructure landscape.
Newsonspot reports that the deal will see MTN, Africa’s largest mobile network operator, take full ownership of IHS Towers, reversing its previous strategy of divesting tower assets over the past decade.
Under the agreement, IHS shareholders will receive $8.50 per share in cash, representing a 239% premium to the company’s share price when it announced a strategic review in March 2024. The offer also reflects a 36% premium to the 52-week volume-weighted average price and a 3% premium to the unaffected closing price as of February 4, 2026.
MTN Group President and CEO, Ralph Mupita, described the acquisition as a pivotal step to strengthen the company’s strategic and financial position, especially as digital infrastructure becomes critical to Africa’s development. The board of IHS has unanimously approved the deal, with long-term shareholder Wendel also backing the transaction, bringing significant shareholder support.
The transaction will be financed through a mix of MTN’s existing stake rollover, about $1.1 billion in cash from MTN, $1.1 billion from IHS’s balance sheet, and the rollover of existing IHS debt. Completion of the deal, expected in 2026, is subject to shareholder and regulatory approvals.
If completed, the acquisition will create the largest integrated tower company in Africa under MTN’s control. Analysts say the deal reflects a broader reassessment by telecom operators on the strategic value of infrastructure ownership amid rising data demand, geopolitical uncertainties, and Africa’s push for digital sovereignty.
