MTN to Acquire IHS Towers in $6.2bn Deal

Emma Okonji

MTN Group is said to have reached an agreement to acquire IHS Towers, a global independent owners and operators of shared telecom infrastructure, at an enterprise value of approximately $6.2 billion.

The deal followed weeks of negotiations between both parties, but has eventually been concluded.

IHS Towers’ Board of Directors has unanimously approved the transaction and recommended it to shareholders.

Chairman and CEO of IHS Towers, Sam Darwish, described the agreement as a compelling opportunity to crystallise value built over the company’s 25-year history.

According to him, “The acquisition announcement creates a compelling opportunity that provides certainty and immediate returns for our shareholders, enabling them to crystallize the significant value generated during our strategic review.

“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.”

MTN’s Group President and CEO, Ralph Mupita, said the transaction would strengthen the company’s strategic and financial position as digital infrastructure becomes increasingly central to economic development on the continent.

Under the terms of the merger agreement, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 36 per cent premium to its 52-week volume-weighted average price, and a modest three per cent premium to its unaffected closing price of $8.23 on February 4, 2026.

MTN, which already holds roughly 24 per cent of IHS on a fully diluted basis, has committed to vote its shares in favour of the deal. Long-term investor Wendel has also pledged support, bringing total committed backing to more than 40% of shareholders.

Under the terms, shareholders will receive immediate cash consideration, offering by a defined exit following a strategic review initiated amid geopolitical and macroeconomic volatility in key markets.