MTN moves to take full control of IHS Towers in $2.2 billion deal

MTN Group, Africa’s largest telecom operator, is moving to take full ownership of IHS Towers in a $2.2 billion deal that would consolidate control of nearly 29,000 telecom towers across Africa and mark a major strategic shift for the continent’s largest mobile network operator.

IHS Towers accepted an offer of $8.50 per share in a transaction that would increase MTN’s stake to 100% and result in IHS being taken private, MTN noted in a statement on Tuesday sent to TechCabal.

The proposed deal is subject to shareholder and regulatory approvals, as well as the delisting of IHS from the New York Stock Exchange. 

MTN owns approximately 24.7% of IHS and intends to acquire all outstanding shares it does not already hold through a cash merger.

The proposed acquisition marks a notable reversal of MTN’s earlier infrastructure strategy. Like many telecom operators over the past decade, MTN had separated its tower assets to unlock capital and reduce capital intensity. Now, the group is seeking to reintegrate those assets, internalising tower lease margins it currently pays to IHS and capturing future third-party revenue growth directly.

Shares of IHS dropped to $8.16 on Tuesday evening, February 17, 2026, after the announcement was made. 

The $8.50 per share offer in the MTN deal represents a 9.7% premium to IHS’s 30-day volume-weighted average price as of 4 February 2026, the last trading day before MTN released its cautionary announcement. 

For shareholders, the transaction provides an opportunity to make profits at a premium, particularly at a time when global tower valuations have faced pressure from higher interest rates and currency volatility in emerging markets.

The deal follows IHS’s announced disposals of its Latin American assets earlier in February 2026. 

Upon completion of those transactions, MTN intends to acquire 100% of IHS’s remaining business, primarily focused on Africa. 

IHS is one of the world’s largest independent tower companies, with nearly 29,000 high-quality towers serving multiple mobile network operators in five key MTN markets.

“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,” said MTN Group President and Chief Executive Officer, Ralph Mupita. 

He described the deal as a “unique opportunity” to buy back MTN’s towers and strengthen its ability to partner with governments across its markets.

MTN plans to fund the $2.2 billion acquisition using approximately $1.1 billion in cash on IHS’s balance sheet, alongside available liquidity and debt at the group level. 

The company stated that no new equity issuance would be required, although the funding structure, it noted, may lead to a short-term increase in leverage. MTN expects the transaction to be earnings-positive to both net income and cash flow.

Long-term IHS shareholder Wendel has provided a letter of support, committing to vote in favour of the transaction, and will receive full liquidity upon closing. 

With Wendel’s backing and MTN’s own voting rights, around 40% of the required two-thirds shareholder approval has effectively been secured.

“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,” IHS Chairman and CEO, Sam Dawish, said. 

If approved, the transaction would create the largest integrated tower platform in Africa under MTN’s control.