MTN Group, Africa’s largest mobile operator, has announced a proposed all-cash acquisition of IHS Towers, one of the continent’s largest owners of telecom infrastructure. The deal would see MTN acquire 100% of IHS’s shares and take the company private.
Under the terms of the agreement, IHS shareholders will receive $8.50 per share in cash, representing a significant premium over recent trading levels. The offer values the transaction at about $6.2 billion.
MTN already owns roughly 25% of IHS, but the proposed deal would give it full ownership. Once complete, IHS would be delisted from the New York Stock Exchange and would operate as a wholly owned subsidiary of MTN.
By reacquiring the towers, MTN says it can save money because it will no longer have to pay rent or fees to an outside company in exchange for the use of the towers. The telecom company says it will also have direct power over the infrastructure that runs its network.
“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation states in which we operate,” MTN Group President and CEO Ralph Mupita said.
Owning the physical towers also makes it easier to expand 4G and 5G services across the continent.
IHS Towers currently manages nearly 29,000 towers across Africa. Although this deal focuses specifically on its African operations, IHS is currently selling off some of its towers and even exiting some markets. The tower company’s profit took a hit in H2 2025.
Commenting on the deal, IHS Chairman and CEO Sam Dawish said, “The proposed transaction deepens our long-standing partnership with MTN as it combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms and underscores the strong connection between IHS Towers and the African continent.”
The transaction is subject to approvals by IHS shareholders, regulators, and other customary conditions before it can be completed. MTN expects the entire process to be completed sometime in 2026.
Victoria Fakiya – Senior Writer
Techpoint Digest
Stop struggling to find your tech career path
Discover in-demand tech skills and build a standout portfolio in this FREE 5-day email course
Historically, MTN owned and operated most of its telecom towers directly. But starting in the early 2010s, the company began selling thousands of its towers to IHS Towers as part of a strategy to reduce costs and focus on its core business of delivering connectivity and digital services.
MTN sold the towers to IHS, received immediate cash, and then leased the same towers back to continue providing network coverage. This helped MTN free up capital while outsourcing tower management to a specialised infrastructure company. MTN remained one of its biggest customers and also retained a significant minority stake in the company. MTN Nigeria, the group’s largest market, relies heavily on IHS-owned towers to deliver mobile and internet services to millions of subscribers. This makes IHS a critical part of MTN’s infrastructure backbone.
