“MTN Group agrees to acquire IHS Towers for $6.2 billion amid government plan to review”

In a move set to reshape Africa’s telecommunications landscape, MTN Group, Nigeria’s largest mobile network operator by market capitalization, has reached an agreement to acquire IHS Towers, one of the world’s largest independent owners and operators of shared telecom infrastructure, in an all-cash transaction valued at approximately $6.2 billion.

The acquisition follows weeks of intense negotiations and comes amid close monitoring by Nigerian regulatory authorities and government agencies, highlighting the strategic importance of digital infrastructure to national development. Under the agreement, IHS Towers shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium over its 52-week average price and a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.

Government Oversight

Nigeria’s National Communications Commission (NCC) and other relevant authorities have been closely involved in reviewing the transaction, ensuring that it aligns with national interests, competition laws, and the long-term sustainability of the telecom sector. Officials emphasized that the deal would strengthen domestic control over critical infrastructure while protecting investors’ and consumers’ interests.

A senior government official, speaking on condition of anonymity, noted, “The acquisition of IHS Towers by MTN is a significant milestone. We are monitoring the transaction to ensure compliance with Nigerian laws, while supporting initiatives that enhance digital connectivity and economic growth.”

Corporate Leadership Reactions

Sam Darwish, Chairman and CEO of IHS Towers, described the agreement as a strategic milestone for shareholders and a way to deepen the company’s footprint across Africa.
“Today’s announcement provides certainty and immediate returns for our shareholders, while strengthening our partnership with MTN,” Darwish said. “The deal also underscores our commitment to Africa, reinforcing the role of telecom infrastructure in driving economic development.”
Ralph Mupita, MTN Group President and CEO, emphasized the broader benefits of the transaction.

“This acquisition gives MTN a unique opportunity to reacquire our towers, enhance service delivery, and continue our role as a partner for progress in Nigeria and across the continent,” Mupita said. “We are committed to maintaining high standards of governance and service excellence for IHS customers and partners.”

Expert Perspectives

Economist Celestine Ukpong described the acquisition as “a clear signal of growing investor confidence in Africa’s digital economy,” noting that government engagement ensures strategic alignment with national development objectives. “The government’s oversight is critical. It ensures that deals of this scale protect national interests while boosting investment in essential digital infrastructure,” Ukpong said.
Financial analyst Peter Adebayo FCA highlighted the value creation for shareholders amid global uncertainties. “The government’s involvement provides additional assurance to investors, reinforcing the credibility of the transaction. Shareholders benefit from immediate cash returns, while MTN strengthens its strategic position in Africa’s telecom sector,” Adebayo noted.

Transaction Details and Timeline

The IHS Towers Board of Directors has unanimously approved the acquisition and recommended it to shareholders. MTN, which currently holds roughly 24% of IHS on a fully diluted basis, has pledged to vote its shares in favor of the deal. Long-term investor Wendel has also pledged support, bringing total committed backing to over 40% of shareholders.
Funding for the acquisition will come from a combination of MTN’s existing stake rollover, approximately $1.1 billion in cash from MTN, another $1.1 billion from IHS Towers’ balance sheet, and the rollover of existing IHS debt. The transaction is contingent on divesting IHS’s Latin American tower business and fiber operations.

Strategic Impact

Founded in 2001 by Sam Darwish, IHS Towers has grown into a global telecom infrastructure powerhouse, managing more than 37,000 towers across seven African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as Latin American markets such as Brazil and Colombia. MTN remains its largest customer.
Analysts have hailed the deal as a strategic consolidation in Africa’s telecom sector. Economist Ukpong noted that government oversight “ensures that Africa’s critical digital infrastructure remains robust and resilient, capable of supporting the continent’s economic transformation.”
The acquisition is expected to close in 2026, subject to shareholder and regulatory approvals, marking a milestone in the alignment of private investment with national telecom priorities.

MTN Group agrees to acquire IHS Towers for $6.2 billion under government oversight, strengthening Nigeria’s digital infrastructure and boosting shareholder value. Completion expected in 2026.