MTN moves to acquire IHS Towers for $6.2 billion, boosting Africa telecom growth

MTN Group, Africa’s largest telecom operator, under the leadership of Zimbabwean executive Ralph Mupita, has announced its agreement to acquire Global telecom infrastructure leader IHS Towers for $6.2 billion, creating one of Africa’s largest all-cash telecom deals.

The acquisition provides IHS Towers shareholders $8.50 per share, a 239% premium, while consolidating MTN’s role as a leading digital infrastructure enabler across Africa. This means MTN has agreed to acquire the remaining 75.3% of IHS not already owned, specifically acquiring only IHS’ African operations.

Earlier, IHS announced the disposal of its LatAm fibre and towers businesses on 11 February 2026 and 17 February 2026, respectively. This necessitated the disposal of IHS’s tower assets in Brazil, in preparation for 100% sale of its African tower businesses so that MTN can assume control over a substantial portion of the Group’s passive mobile infrastructure footprint in Africa.

The deal covers key markets including Nigeria, South Africa, Cameroon, Côte d’Ivoire, Brazil, Colombia, and Zambia, reinforcing MTN’s network expansion and digital services. Analysts highlight that this transaction signals a trend of consolidation in the continent’s telecom sector, strengthening strategic positions and enabling further economic growth.

Shareholder returns and premiums
Under the agreement, IHS Towers shareholders realize immediate returns, receiving a 36% premium over the 52-week average share price and a 3% premium over the unaffected closing price.

This structure combines MTN’s existing 24% stake in IHS Towers, $1.1 billion in cash from MTN, $1.1 billion from IHS Towers’ balance sheet, and a rollover of existing debt, ensuring a minimum cash balance of $355 million at closing.

Strategic implications for Africa
The acquisition positions MTN to accelerate digital infrastructure growth, providing improved network coverage, reliability, and innovation. Sam Darwish, Chairman and CEO of IHS Towers, said the transaction merges Africa’s largest mobile operator with one of its leading digital platforms. “This combination reinforces our commitment to connectivity growth across Africa,” he said.

MTN leadership perspective
MTN Group, led by Ralph Mupita, serves 298 million subscribers in 16 markets. Ralph Mupita, MTN CEO, emphasized that the deal strengthens the company’s strategic and financial position, enabling it to drive innovation and improve service delivery across all IHS Towers’ markets.

The consolidation is expected to benefit consumers, investors, and the broader African digital economy. Expected to close in 2026, the transaction will result in IHS Towers becoming a wholly-owned MTN subsidiary, with its shares delisted from public trading.

MTN’s acquisition of IHS Towers marks a pivotal moment in Africa’s telecom landscape, delivering record shareholder returns, boosting network growth, and reinforcing the continent’s digital economy.