• MTN Group secured IHS Towers’ board approval for a $8.50 per share offer valuing the company at $6.2 billion.
• MTN already holds about 25% of IHS Towers and aims to regain control of tower assets it previously sold.
• The parties target completion by end-2026, subject to shareholder, regulatory and NYSE delisting approvals.

South Africa’s MTN Group moved closer to acquiring telecom tower operator IHS Towers after securing board approval for its offer, the Johannesburg-based company said in a statement on Tuesday, February 17.

IHS Towers ranks among the world’s largest independent owners, operators and developers of shared telecom infrastructure. The company reports 37,000 towers across seven African countries, including Cameroon, Côte d’Ivoire, Nigeria, South Africa and Zambia.

MTN, which already holds about 25% of IHS’s share capital, offered $8.50 per share, valuing the company at $6.2 billion. IHS’s board accepted the proposal.

“This proposed transaction represents a decisive step to further strengthen MTN Group’s strategic and financial position in a future where digital infrastructure will become increasingly essential to Africa’s growth and development. This transaction offers us a unique opportunity to buy back our towers and strengthen our ability to be partners of progress for the states in which we operate,” said Ralph Mupita, Chief Executive Officer of MTN Group.

The development follows MTN’s announcement roughly two weeks earlier that it had entered discussions regarding the transaction. In previous years, MTN sold several tower portfolios to IHS Towers in markets including Nigeria, Cameroon, South Africa, Rwanda, Côte d’Ivoire and Zambia.

MTN’s shift reflects its broader strategy to diversify and position itself as a leading provider of digital infrastructure, solutions and services across the continent. The group has already targeted segments such as artificial intelligence, fiber optics and data centers.

Telecom towers remain strategic assets because they underpin mobile service infrastructure. Demand for such infrastructure is expected to rise in Africa as governments and operators expand access to telecom services. Networks must extend coverage to rural and remote areas while also densifying existing urban coverage alongside the rollout of 4G and 5G technologies. According to the International Telecommunication Union, 4G and 5G covered 75.2% and 11.8% of Africa’s population respectively in 2025.

The parties expect to complete the transaction by the end of 2026. However, the deal remains subject to several conditions, including IHS’s delisting from the New York Stock Exchange and approval by IHS shareholders. About 40% of voting rights have already been secured, representing at least two-thirds of the required votes. The transaction also remains subject to regulatory approvals in relevant markets and customary closing conditions.

Isaac K. Kassouwi