MTN Group’s proposed acquisition of the remaining stake in IHS Holding Limited has received conditional approval from Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC), with the telecoms group required to sell 30 per cent of IHS Nigeria to local investors.
MTN disclosed the development in its first-half 2026 results released on August 24, saying the transaction has secured approvals from several regulators and is expected to close in the second half of 2026, subject to outstanding regulatory clearances.
Under the condition attached to the FCCPC approval, MTN will sell down 30 per cent of IHS Nigeria to Nigerian investors on an arm’s-length commercial basis and subject to prevailing market conditions.
The condition is significant given the strategic importance of telecom infrastructure and MTN’s position as one of Nigeria’s largest mobile network operators. IHS Towers operates a substantial portion of the country’s telecommunications tower infrastructure, which is used by MTN and other network operators.
MTN said the proposed acquisition remains a strategic priority and is expected to strengthen its long-term earnings, revenue growth and free cash flow generation.
“On a pro forma basis, MTN’s proposed transaction to buy the remaining shares in IHS is accretive to revenue, profit after tax and adjusted headline earnings per share,” the company said.
The latest regulatory approval follows the decision by IHS shareholders earlier in August to approve the proposed transaction. At an extraordinary general meeting on August 4, shareholders passed the required special resolution with a two-thirds majority.
MTN first announced the proposed acquisition in February 2026. The transaction involves the purchase of the remaining shares in IHS for $2.2 billion in cash, while the enterprise value of the transaction stands at about $6.2 billion, including debt.
MTN already holds a significant minority interest in IHS and has maintained a long-standing commercial relationship with the tower operator across several African markets.
The deal has, however, attracted regulatory attention in Nigeria because of its potential implications for competition, national security and control of critical telecommunications infrastructure.
Bosun Tijani, minister of communications, innovation and digital economy, had earlier said the Federal Government would scrutinise the transaction to assess its potential impact on the telecommunications industry and ensure the sector’s long-term sustainability.
IHS Towers currently holds the largest share of Nigeria’s evaluated telecom tower infrastructure, with about 16,500 of nearly 40,000 towers. The proposed acquisition would mark a shift in MTN’s long-standing strategy of monetising infrastructure through tower sales and leaseback arrangements. Over the years, the telecom operator has sold thousands of towers to IHS while retaining access through long-term lease agreements.
If completed, the acquisition would give MTN greater ownership of the infrastructure supporting its operations.
