MTN Group, Africa’s largest mobile network operator, has confirmed it is in advanced discussions to acquire the roughly 75% of IHS Holding Limited (IHS Towers) shares it does not already own. The move, if completed, would give MTN full ownership of one of the world’s largest independent telecommunications tower infrastructure companies.
In a cautionary statement to investors on Thursday, MTN said it is considering a transaction to buy the remaining stake in IHS, which is listed on the New York Stock Exchange (NYSE). The announcement follows recent market speculation about a potential deal.
Potential Offer Near Current Market Price
MTN indicated that any potential offer would likely be “near to the last trading price” of IHS shares on the NYSE as of February 4, 2025. The stock has risen sharply in recent months, reflecting renewed investor optimism in the infrastructure sector.
No Deal Yet, Investors Urged to Exercise Caution
The company stressed that no binding agreement has been reached and that there is no certainty the deal will proceed. MTN warned shareholders that the transaction, if it goes ahead, could have a material impact on MTN’s share price and urged caution in trading until further updates are provided.
Strategic Reversal on Tower Infrastructure
MTN already owns a significant stake in IHS and maintains deep operational ties with the tower company across multiple African markets. Over the last decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback agreements, including a major 2022 deal in South Africa involving over 5,700 towers. These arrangements freed up capital while ensuring MTN retained long-term access to tower infrastructure through master lease contracts.
A full acquisition would represent a major strategic pivot for MTN, effectively reversing years of outsourcing tower infrastructure to specialist operators like IHS and bringing key assets back under its control.
Governance Concerns and Value-Realisation Options
MTN has previously raised concerns about corporate governance at IHS, which adds context to its cautious public announcement. If the acquisition does not proceed, MTN said it will continue to explore alternative options to unlock value from its investment in IHS, in line with its disciplined capital allocation strategy.
Founded in 2001 by Sam Darwish, IHS Towers began as a Nigerian tower builder and has grown into one of the world’s largest independent tower operators. The company is headquartered in London and has been listed on the NYSE since its 2021 IPO. It manages over 37,000 towers across seven markets in Africa and Latin America, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, Zambia, Brazil and Colombia. MTN remains one of its largest customers.
IHS is a critical infrastructure provider supporting mobile connectivity in emerging markets, offering colocation services and enabling network expansion amid rising data demand.
As discussions continue, further announcements are expected. If you’d like, I can also draft a shorter version suitable for a newswire or social media release.