MTN Group Limited has entered into an agreement to acquire the remaining 75.3% stake in IHS Holding Limited (IHS Towers) that it does not already own. The deal was announced on February 17, 2026, and it marks a pivotal shift for Africa’s largest telecommunications provider as it seeks to regain direct control over its critical tower assets and internalize infrastructure economics.
The transaction is structured as an all-cash merger at an agreed offer price of US$8.50 per share. This offer represents a 9.7% premium over the 30-day volume-weighted average price of IHS shares as of February 4, 2026, the final day of trading before the potential deal was first disclosed.
MTN will pay approximately US$2.2 billion for the outstanding shares. The deal values IHS implied equity value at roughly US$2.9 billion on a fully diluted basis. The total enterprise value is pegged at US$6.2 billion. After accounting for IHS’s divestment of its Latin American fiber and tower assets, the transaction values the remaining African tower portfolio at approximately US$4.8 billion.
The transaction is timed to complete following IHS’s planned disposal of its Latin American businesses, effectively leaving MTN with 100% of the remaining African business.
MTN Funding plans
To fund the US$2.2 billion consideration, MTN is utilizing a combination of resources without issuing new equity. US$1.1 billion will be sourced directly from cash balances on the IHS balance sheet at the time of completion. The remaining US$1.1 billion will be covered through its existing liquidity and debt facilities. While this may lead to a short-term increase in leverage, the transaction is expected to be net income and cash flow accretive.
By reintegrating these assets, MTN aims to mitigate the macro volatility it has faced in recent years, including inflation, power supply instability, and forex fluctuations. Currently, IHS derives approximately 70% of its revenue from MTN. By owning the towers, it can internalize the margins it previously paid as lease expenses.
Furthermore, the acquisition will allow for coordinated infrastructure rollout, which is critical for the densification of networks required for 5G and Fixed Wireless Access (FWA).
The deal has already secured significant backing. Wendel S.E., IHS’s second-largest shareholder with an 18.3% stake, has signed a support agreement to vote in favor of the merger. Combined with MTN’s existing 24.7% voting interest, the deal currently has roughly 40% of the two-thirds approval required from shareholders.
MTN plans to maintain the operational integrity of the infrastructure. IHS will be housed within the digital infrastructure platform but will operate as a standalone business with its own distinct board and management team. IHS will continue to serve third-party customers on arms-length commercial principles to grow external revenue streams. MTN also intends to retain IHS’s key staff and technical expertise to preserve the company’s track record of 99.5% power uptime across its 28,702 African towers.
“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. 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.
This merger will be implemented under Cayman Islands law, and it remains subject to regulatory clearances in multiple jurisdictions and the formal two-thirds approval of IHS shareholders. Upon completion, which is expected in the course of the year, IHS will be de-listed from the New York Stock Exchange (NYSE).
Also read: MTN Group in talks to Acquire 75% Stake in IHS Towers
