MTN Group, Africa’s largest mobile network operator, has confirmed it is in advanced discussions to acquire the remaining ~75% stake in IHS Holding Limited (IHS Towers) that it does not currently own. If successful, the deal would give the South African telecom giant full ownership of one of the world’s leading independent tower infrastructure companies.
In a cautionary announcement to investors on February 5, MTN said it is evaluating a proposed offer to purchase minority shares in the New York Stock Exchange-listed IHS, with the potential price expected to be near the towers operator’s last trading value. The company emphasized that no binding agreement has been finalized and there is no certainty the transaction will be completed.
MTN already holds a significant minority stake in IHS and maintains a longstanding operational partnership with the company across multiple African markets. Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements, including a portfolio of more than 5,700 towers in South Africa. These transactions have allowed MTN to unlock capital tied up in infrastructure while retaining long-term access via master lease agreements.
IHS Towers: Strategic Implications and MTN’s Next Steps
If the acquisition is completed, it would mark a strategic pivot for MTN, bringing tower infrastructure back in-house after years of outsourcing to specialised tower companies. Industry analysts note that full ownership could strengthen MTN’s network control, reduce long-term leasing costs, and better position the company for increasing data demand and future 5G rollout efforts.
MTN has advised shareholders to exercise caution when trading its securities while discussions are ongoing, warning that the deal could materially impact the company’s share price. Should the negotiations not lead to a transaction, MTN said it will continue exploring ways to unlock value from its existing IHS investment within its disciplined capital allocation framework.
Founded in Nigeria in 2001, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure. The company manages tens of thousands of towers across Africa, Latin America, and the Middle East, with MTN as a key anchor customer.
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