MTN Group Limited has entered discussions to acquire 75% stake in IHS Holding Limited (IHS Towers). On February 5, 2026, both companies confirmed that non-binding talks are ongoing regarding a potential full takeover. MTN currently holds an approximate 25% minority stake in the tower infrastructure giant, a position that it has held before IHS’s listing on the New York Stock Exchange (NYSE) in 2021.
MTN has been selling and leasing back their passive network assets such as towers to specialist operators like IHS to unlock capital. A successful buyout would allow MTN to reclaim direct control over its critical infrastructure.
If the buyout goes through, MTN will consolidate its position in Nigeria, which accounted for nearly 59% of IHS’s Q3 2025 (period ended 30 September 2025) revenue. This will lead to an improvement in margins by managing rising operating costs, particularly power and foreign exchange challenges in key African markets. There will also be an improvement in service roll-out efficiency and a strengthening its competitive position.
Both companies have shown strong market performance leading up to these discussions.
MTN Group (JSE: MTN)
Africa’s largest telecommunications provider, MTN Group, serves approximately 300 million customers (as of end of 2025) and is currently the 15th most valuable stock on the Johannesburg Stock Exchange. MTN has a market capitalization in excess of USD 1.5B. While it recorded a 5.8% drop on the day of the announcement, its shares have gained 52.4% over the last year. The company recently posted higher revenue and profitability, driven largely by its core markets in South Africa and Nigeria.
IHS Towers (NYSE: IHS)
IHS is one of the world’s largest independent owners of shared communications infrastructure, operating roughly 40,000 towers across 10 markets in Africa, Latin America, and the Middle East. As of February 5, 2026, the company had a market capitalization of approximately USD 2.61 billion to USD 2.76 billion. Its stock has seen a remarkable 106.60% gain over the past year.
The leadership of both companies have signaled a desire for stability following recent renewals of commercial contracts across six African markets through 2032.
Both boards have been careful to manage market expectations. MTN has stated that any potential offer would likely be priced near the last trading price of IHS shares on the NYSE. However, they stressed that no binding agreement has been reached and there is no certainty that a transaction will eventually be concluded. Shareholders have been advised to exercise caution when trading, as the outcome of these talks could materially impact share prices.
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