MTN Group said on 17 February that the board of IHS Towers had accepted its offer of US$8.50 per share in cash for the shares it does not already own, a stake of about 75.3% worth some US$2.2bn.
Why MTN Group Limited is buying IHS Holding Limited (IHS Towers)
MTN said owning IHS outright would let it internalise the margin it pays for tower services, capture current and future third-party tenancy revenue and make its network costs more predictable. IHS operates nearly 29,000 towers across five of MTN's key markets, and MTN expects the deal to add to net income and cash flow.
Deal terms and financing
The price is a 9.7% premium to the 30-day volume-weighted average on the NYSE to 4 February 2026, the last trading day before MTN's cautionary announcement. About US$1.1bn will come from cash on the IHS balance sheet, with the rest from MTN's liquidity and debt; MTN will not issue new shares. MTN, which holds about 24.7%, and long-term shareholder Wendel have committed their votes, together about 40% of the two-thirds majority needed. Completion is also conditional on IHS finishing the sale of its Latin American assets, and IHS will be delisted from the NYSE.
Regulatory approvals and timing
The deal needs regulatory approvals in IHS's markets. TechCabal reported on 2 October 2026 that South Africa's Competition Commission had approved it on 30 September subject to conditions requiring fair, non-discriminatory access to IHS towers for rival operators, following approval in principle from the Nigerian Communications Commission and clearances in Zambia and from COMESA.
Market context
IHS grew largely by buying towers originally built by MTN Nigeria and other operators, and MTN has remained its anchor tenant and a major shareholder. According to IHS, the price is a 36% premium to its 52-week volume-weighted average but only 3% above the unaffected close of US$8.23 on 4 February 2026.
