Africa’s largest wireless carrier, MTN Group, has agreed to acquire the remaining stake in mobile infrastructure company IHS Towers for approximately $6.2 billion in an all-cash transaction. This strategic move aims to bolster MTN’s digital infrastructure across Africa, solidifying its position as a key player in the continent’s digital growth.
MTN Group’s proposed acquisition of IHS Towers marks a significant development in the African telecommunications landscape. The deal values IHS Towers at approximately $6.2 billion, including debt. IHS investors are set to receive $8.50 per share in cash, a move that offers a substantial premium. This premium includes a 239% increase over IHS Towers’ share price at the announcement of its strategic review on March 12, 2024, and a 36% premium to its 52-week volume-weighted average price.
The all-cash transaction is structured to provide immediate returns for IHS Towers’ shareholders. The funding for the acquisition will be a combination of MTN’s existing 24% stake in IHS Towers, approximately $1.1 billion in cash from MTN, and another $1.1 billion from IHS Towers’ balance sheet. Additionally, existing debt will be rolled over. A condition for closing is that IHS Towers must maintain a minimum cash balance of $355 million on its balance sheet.
The boards of both companies have approved the merger agreement. MTN has committed to voting its shares in favor of the transaction, and long-term shareholder Wendel has also provided a letter of support, collectively representing over 40% shareholder agreement. This strong backing is crucial for the deal’s progression. Upon completion, IHS Towers will cease to be publicly listed and will operate as a wholly owned subsidiary of MTN.
MTN Group views this acquisition as a pivotal step in strengthening its strategic and financial position, recognizing the increasing importance of digital infrastructure for Africa’s development. For IHS Towers, the deal offers certainty and allows shareholders to realize the value created during its strategic review process. The transaction is anticipated to close in 2026, contingent upon receiving necessary shareholder and regulatory approvals. A key condition for closing involves the successful sale of IHS Towers’ Latin American tower and fiber operations, which were announced in February 2026.