IHS Towers, one of the world’s largest independent owners and operators of shared telecommunications infrastructure, has announced a definitive agreement to be acquired by MTN Group Limited in an all-cash transaction valued at approximately $6.2 billion.
Under the agreement, IHS Towers shareholders will receive $8.50 per ordinary share, representing a premium of around 239 percent over the company’s share price at the announcement of its strategic review on March 12, 2024.
The offer also reflects a 36 percent premium over the 52-week volume-weighted average price as of February 4, 2026, and a 3 percent premium above the company’s unaffected closing price of $8.23 on the same date, when discussions with MTN were publicly reported.
According to the company, the transaction aims to provide shareholders with an immediate and certain opportunity to realise the value created since the strategic review was launched, a period marked by macroeconomic and geopolitical volatility across key markets.
IHS Towers’ Board of Directors has unanimously approved the agreement and will recommend its adoption to shareholders. MTN has committed to vote all its IHS shares in favor of the transaction, and long-term shareholder Wendel has also pledged support, securing backing from more than 40 percent of shareholders. Once completed, IHS Towers will be delisted and become a wholly owned subsidiary of MTN.
Sam Darwish, chairman and CEO of IHS Towers, said, “This announcement creates a compelling opportunity for our shareholders, providing certainty and immediate returns while crystallising the value generated since our strategic review. The proposed transaction strengthens our long-standing partnership with MTN and underscores IHS Towers’ commitment to supporting Africa’s digital infrastructure growth.”
Ralph Mupita, group president and CEO of MTN, added that the deal would “enhance MTN’s strategic and financial position while enabling continued high standards of service for IHS customers and partners across the continent.”
The transaction, expected to close in 2026, is subject to shareholder and regulatory approvals. Funding will come from the rollover of MTN’s approximately 24 percent fully diluted stake in IHS Towers, $1.1 billion in cash from MTN, $1.1 billion in cash from IHS Towers’ balance sheet, and a portion of IHS Towers’ existing debt.
The company will also maintain a minimum cash balance of $355 million at closing. Completion is contingent in part on the successful sale of IHS Towers’ Latin American tower and fiber operations, announced earlier in February 2026.
