MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valued at approximately $6.2 billion, reinforcing the mobile operator’s commitment to expanding Africa’s digital infrastructure and strengthening a long-standing partnership.
Under the terms of the deal, IHS shareholders would receive $8.50 per ordinary share in cash, reflecting a 36 per cent premium over the company’s 52-week volume-weighted average price and a three per cent premium on its unaffected closing price of $8.23 as of February 4, 2026.
The transaction has received unanimous approval from the IHS Board of Directors, which has recommended it to shareholders.
Sam Darwish, Chairman and Chief Executive Officer of IHS Towers, described the agreement as a defining milestone for the company after 25 years of growth.
“This transaction provides certainty and immediate returns for our shareholders and deepens our long-standing partnership with MTN.
” It combines Africa’s largest mobile network operator with one of the continent’s largest digital infrastructure platforms, highlighting IHS Towers’ enduring commitment to Africa,” he said.
MTN, which currently owns roughly 24 per cent of IHS on a fully diluted basis, has pledged to vote in favour of the acquisition.
Long-term investor Wendel has also committed its support, bringing total backing from major shareholders to over 40 per cent.
Ralph Mupita, Group President and Chief Executive Officer of MTN, said the acquisition would reinforce the company’s strategic and financial position amid growing demand for digital infrastructure across Africa.
“This transaction provides us with the opportunity to consolidate our tower assets and strengthen our ability to be partners for progress in the nations where we operate.
“For IHS customers and partners, we remain committed to maintaining high standards of service and governance, supported by the outstanding team within IHS,” Mupita stated.
The acquisition would be funded through a combination of MTN’s existing stake rollover, approximately $1.1 billion in cash from MTN, around $1.1 billion from IHS Towers’ balance sheet, and the rollover of existing IHS debt.
MTN and IHS are also required to maintain a minimum cash balance of $355 million at the time of closing.
Completion is contingent on shareholder and regulatory approvals, as well as the divestment of IHS’s Latin American tower and fibre operations, announced in February 2026.
Founded in 2001 by Sam Darwish with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure.
Headquartered in London and listed on the New York Stock Exchange since its 2021 initial public offering, the company manages over 37,000 towers across seven African markets — including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia as well as in Brazil and Colombia.
MTN remains its largest customer.
J.P. Morgan is serving as financial adviser to IHS Towers, with Latham & Watkins LLP and Walkers providing legal counsel.
On MTN’s side, BofA Securities and Citigroup Global Markets Limited are acting as financial advisers, while Cravath, Swaine & Moore LLP provides legal advice.
The transaction is expected to close in 2026, marking a major step in the consolidation of Africa’s telecommunications infrastructure sector.
