MTN’s $2.76 billion IHS bid values Sam Darwish’s stake at $107 million

MTN Group’s push to reshape its network strategy is placing a clear price tag on one of Africa’s most influential yet low-profile telecom executives. The telecom giant is in advanced talks to acquire the remaining 75 percent of IHS Holdings, it does not already own, in a $2.76 billion deal valuing the stake held by U.S.-Nigerian telecom tycoon Sam Darwish at $107 million.

Darwish, who co-founded IHS in 2001 alongside Mohamed Darwish and William Saad, owns a 3.9 percent stake in IHS, equivalent to 3.74 million shares. Using MTN’s reported offer price for the remaining shares, that holding translates into a $107 million valuation, offering a rare glimpse into the stake tied to a business that has grown largely outside the public spotlight.

MTN talks cover partial IHS acquisition

The talks, however, are not centered on buying out Darwish or other founders. Research by Shore Africa revealed that the discussions involve only the portion of IHS not already owned by MTN, meaning Darwish would remain a significant shareholder even if the transaction proceeds. IHS has also cautioned that the talks are non-binding and remain subject to agreement, signaling that a final deal is not yet in place.

IHS operates more than 39,000 telecom towers across Africa and Latin America, with its strongest presence in Nigeria and South Africa. MTN is the company’s largest customer, relying heavily on those towers to deliver mobile voice and data services across multiple markets. As chairman and CEO, Darwish has overseen the company’s expansion into regions where rolling out infrastructure is expensive, logistically demanding and often slowed by regulation.

Deal could cut MTN lease costs

For MTN, full ownership of IHS would change how it manages network assets. Bringing tower infrastructure in-house could give the operator more control over maintenance, upgrades and deployment timelines. This deal may lower long-term lease expenses and improve coordination as MTN expands 4G and 5G coverage in markets such as Nigeria and South Africa.

The rationale centers on cost management and operational alignment rather than limiting access. Regulators are expected to retain oversight of tower-sharing agreements, curbing abrupt changes in pricing or availability for operators that depend on shared infrastructure.

For Darwish, the $2.76 billion deal sets a clear benchmark for a business built steadily over more than two decades. His $107 million stake reflects the scale IHS has reached and the central role tower infrastructure plays in Africa’s telecom industry. Whether or not the talks lead to a completed transaction, the figures highlight how assets that rarely attract public attention have become some of the most valuable building blocks of the continent’s digital economy.