MTN Group Limited has agreed to acquire IHS Holding Limited in an all-cash deal valued at approximately $6.2 billion.
The acquisition will see MTN, Africa’s largest mobile network operator, take full ownership of IHS Towers.
Under the merger agreement, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 239% premium to the company’s share price when it announced a strategic review on March 12, 2024, a 36% premium to its 52-week volume-weighted average price as of February 4, 2026, and a 3% premium to its unaffected closing price of $8.23 on that same date.
The deal represents a decisive shift for MTN, which had reduced its direct exposure to tower ownership over the past decade. Ralph Mupita, Group President and CEO of MTN, described the proposed acquisition as a pivotal step in strengthening MTN’s strategic and financial position in a future where digital infrastructure will be central to Africa’s development.
The board of IHS unanimously approved the agreement, and MTN has committed to vote all its shares in support of the deal. Long-term shareholder Wendel has also issued a letter backing the transaction, accounting for more than 40% of shareholder support already secured.
The transaction will be financed through a combination of MTN rolling over its existing stake in IHS, approximately $1.1 billion in cash from MTN, about $1.1 billion from IHS’s own balance sheet, and the rollover of existing IHS debt. Completion of the deal, expected in 2026, is subject to shareholder and regulatory approvals.
The deal signals a broader recalibration in Africa’s telecom infrastructure landscape, as operators reassess the strategic value of infrastructure ownership amid rising data consumption, geopolitical uncertainty, and the push for digital sovereignty. If completed, the acquisition will create the largest standalone and integrated tower company in Africa under MTN’s control.
