According to merger documents filed with the United States Securities and Exchange Commission (SEC) on Wednesday, February 18, the arrangement establishes a 12-month “Continuation Period” to protect employees transitioning into the combined entity. This period ensures that compensation and key benefits remain largely unchanged, providing a measure of certainty during a potentially disruptive corporate integration.
IHS Towers, which employed 2,864 people globally as of December 31, 2024, operates in multiple emerging markets. The assurances are particularly significant in countries such as Nigeria, where both MTN and IHS play a central role in maintaining telecom infrastructure, and where workforce stability is crucial to ongoing operations.
The London-headquartered tower company manages approximately 39,000 telecom towers across Africa, the Middle East, and Latin America, with Nigeria as its largest market. If the merger is completed, MTN will gain greater control over this extensive network of towers, deepening its vertical integration and strengthening its strategic command over critical connectivity infrastructure across the continent.
Under Section 6.7 of the merger agreement, MTN is required to maintain employees’ base salaries or hourly wages, short-term cash incentive opportunities, and benefits—including health, retirement, and welfare plans—at levels no less favourable than those in place before the transaction closes. Certain localised benefits, such as defined benefit pensions, are excluded, but the company has committed to preserving the core compensation framework.
The agreement also addresses severance and equity awards. Existing IHS severance arrangements will continue to apply, ensuring employees terminated during the Continuation Period receive benefits at least as favourable as pre-merger policies. Vested stock options and restricted stock units are expected to be converted into cash payments, while unvested awards may be transformed into cash-based retention incentives, continuing to vest on original schedules to promote continuity.
Additionally, MTN will recognise prior years of service at IHS for purposes such as benefit eligibility, vesting, and vacation accrual, ensuring employees’ tenure is preserved post-merger.
While the 12-month protections do not prevent future restructuring, they signal MTN’s intent to maintain operational stability during integration. Regulatory review is also anticipated in key markets such as Nigeria, where authorities will examine compliance with labour laws and change-of-control requirements.
The deal represents a major step in MTN’s expansion, bringing one of the world’s largest independent tower operators under its control and reshaping the telecom infrastructure landscape in emerging markets.