MTN Group is one step away from reversing one of Africa’s biggest telecommunications infrastructure trends after shareholders of IHS Holding Limited approved its proposed $6.2 billion acquisition, paving the way for the mobile operator to buy back tower assets that telecom companies spent years selling to independent infrastructure firms.
The approval, secured at an Extraordinary General Meeting (EGM) on Tuesday, removes one of the final obstacles to completing the all-cash transaction announced in February 2026. The acquisition, however, remains subject to regulatory approvals and other customary closing conditions before it can be completed.
If finalised, the transaction will reunite Africa’s largest mobile network operator with one of the continent’s largest telecommunications infrastructure companies, marking a significant shift in how operators view the ownership of critical digital assets.
A Strategic Shift in Telecom Infrastructure
For much of the past two decades, Africa’s telecom industry embraced an asset-light strategy. Mobile network operators sold thousands of towers to specialist infrastructure companies such as IHS Towers and leased them back, freeing up capital to invest in network expansion, spectrum acquisition and customer growth.
The model transformed tower companies into one of the continent’s fastest-growing digital infrastructure businesses while allowing telecom operators to focus on their core services.
MTN is now making the opposite bet—that owning strategic infrastructure will create greater long-term value than renting it.
Rather than continuing to incur recurring lease payments, the company is positioning itself to own the physical assets underpinning its mobile network as demand for high-speed broadband, artificial intelligence (AI), cloud computing, fintech and other digital services continues to accelerate across Africa.
The proposed acquisition also reflects the growing importance of telecom towers, which have evolved beyond passive infrastructure into strategic assets supporting Africa’s digital economy.
Shareholders Endorse the Transaction
Commenting on the outcome of the shareholder vote, MTN Group President and Chief Executive Officer, Ralph Mupita, described the approval as a significant milestone in the acquisition process.
“The overwhelming support from IHS shareholders marks a significant milestone in the transaction process. We look forward to completing the deal, subject to the remaining regulatory approvals and customary closing conditions,” Mupita said.
He said the acquisition aligns squarely with the company’s long-term growth ambitions.
“Towers are a key driver of value that will strengthen MTN’s strategic and financial position for the future. This deal is fully aligned with our Ambition 2030 strategy, where digital infrastructure plays a central role in ensuring connectivity, supporting the rising demand for digital services and artificial intelligence, and creating long-term value for our stakeholders.”
The Numbers Behind the Deal
Under the terms of the agreement announced in February, MTN will pay $8.50 per share in cash for approximately 75 per cent of IHS Holding that it does not already own, valuing the company at an enterprise value of about $6.2 billion.
The acquisition will increase MTN’s ownership in IHS from about 24.7 per cent to 100 per cent, bringing the tower company fully within the group’s operations.
The offer represented a 239 per cent premium over IHS Towers’ share price when it announced a strategic review in March 2024, a 36 per cent premium to its 52-week volume-weighted average price and a 3 per cent premium over its unaffected closing share price before reports of negotiations with MTN emerged.
The transaction will be financed through the rollover of MTN’s existing stake in IHS Towers, approximately $1.1 billion in cash from MTN, another $1.1 billion from IHS Towers’ balance sheet and the rollover of the company’s existing debt.
How the New Ownership Will Work
The shareholder approval allows MTN to complete the acquisition through a merger structure that will ultimately make IHS Holding Limited a wholly owned subsidiary of the telecoms group.
Under the arrangement, a temporary merger company created solely for the transaction will merge into IHS and then cease to exist. IHS Holding Limited itself will remain the surviving legal entity, but instead of being owned by public shareholders, it will be owned entirely by MTN.
For customers, employees and business partners, little is expected to change immediately. IHS will continue operating under its existing corporate identity, while its contracts, operating licences and regulatory permits will remain in force unless MTN decides to restructure or rebrand the business in the future.
The biggest change will be in ownership and governance. Once the transaction closes, IHS will be delisted from the New York Stock Exchange, ending its time as a publicly traded company and becoming a privately held subsidiary within the MTN Group.
The acquisition will also hand MTN complete control of IHS’s portfolio of about 29,000 telecommunications towers spread across key African markets, including Nigeria, Cameroon, South Africa, Rwanda, Côte d’Ivoire and Zambia.
Instead of sharing ownership with institutional and public investors, MTN will have full authority over the company’s strategic direction, capital investment and long-term infrastructure planning.
The transaction cannot be completed until outstanding regulatory approvals are obtained in the various jurisdictions where IHS operates.
Why the Acquisition Matters
Beyond adding thousands of telecom towers to its balance sheet, the acquisition is expected to give MTN greater control over one of its most valuable operating assets.
For MTN, the transaction is as much about reducing long-term infrastructure costs as it is about securing greater operational control over the assets that support its mobile, fintech and digital services businesses.
Industry analysts believe the move could reduce future lease obligations, improve network planning, accelerate infrastructure deployment and strengthen MTN’s ability to roll out next-generation technologies across its markets.
As African economies become increasingly dependent on digital infrastructure, ownership of telecom towers is emerging as a strategic advantage rather than merely an operational necessity.
The acquisition also positions MTN to respond more effectively to the rapid growth in mobile data consumption, enterprise cloud services, AI applications and digital financial services—all of which rely on resilient communications infrastructure.
From Nigerian Startup to Global Infrastructure Giant
Founded in Nigeria in 2001, IHS Towers has grown from a local infrastructure provider into one of the world’s largest independent owners and operators of shared telecommunications infrastructure.
Over the past 25 years, the company has built a portfolio of approximately 40,000 towers across 11 countries, serving major mobile operators including MTN, Airtel and Orange.
Speaking when the proposed acquisition was announced in February, IHS Towers Chairman and Chief Executive Officer, Sam Darwish, said the transaction would enable shareholders to realise the value created during the company’s strategic review while strengthening its long-standing partnership with MTN.
“The proposed transaction deepens our long-standing partnership with MTN, as it combines Africa’s largest mobile network operator with one of its largest digital infrastructure platforms, and underscores the strong connection between IHS Towers and the African continent,” Darwish said.
Deal Could Reshape Africa’s Telecom Industry
If regulatory approvals are secured, the transaction will rank among the largest mergers in Africa’s telecommunications sector.
More importantly, it raises a broader question for the industry: Has the era of selling telecom towers run its course?
For years, operators regarded tower ownership as a capital-intensive burden best left to specialist infrastructure companies. MTN is now signalling a different future—one in which digital infrastructure is no longer viewed simply as a cost to be outsourced, but as a strategic asset capable of creating long-term competitive advantage.
If completed, the acquisition may represent more than one of Africa’s biggest telecom deals. It could mark the beginning of a new cycle in which ownership of digital infrastructure once again becomes central to how mobile network operators compete in an economy increasingly driven by artificial intelligence, cloud computing, fintech and data-intensive digital services.
For MTN, the acquisition is not merely about buying back towers. It is a strategic bet that in Africa’s next phase of digital transformation, the companies that own the infrastructure may ultimately be better positioned than those that simply rent it.
