MTN IHS Towers acquisition

Nigerian telecom investor Bashir Ahmad El-Rufai could receive about $9.22 million if MTN Group completes its proposed $6.2-billion acquisition of IHS Towers, one of the world’s largest independent telecom infrastructure companies.

The all-cash deal, announced Feb. 17, 2026, would see shareholders receive $8.5 per share, representing a 36% premium to the company’s 52-week volume-weighted average price as of Feb. 4. El-Rufai owns 1,084,516 shares, representing about 0.003% of the company. If the transaction closes, the buyout would convert his holdings into a payout exceeding $9.2 million.

Share rally boosts investment value
Even before the acquisition announcement, IHS Towers shares had surged on the New York Stock Exchange, lifting the value of El-Rufai’s stake to roughly $7.7 million.

Since early 2025, the value of his holdings has increased by more than $4 million, reflecting renewed investor interest in emerging-market telecom infrastructure assets.

The proposed takeover would allow minority shareholders to lock in gains while benefiting from the acquisition premium.

IHS Towers expands global footprint
Founded in 2001 in Lagos by William Saad, Mohamad Darwish, and telecom entrepreneur Sam Darwish, IHS Towers has grown into the world’s third-largest independent telecom tower operator.

MTN deal puts $109.8 million in Darwish’s reach — A defining moment for Africa’s telecom infrastructure sector: MTN Group CEO, Ralph Mupita and Sam Darwish share a handshake days after the landmark $6.2 billion MTN Group–IHS Towers deal.

The company manages more than 39,000 towers across Africa, Latin America, and the Middle East. In 2025, the firm added 385 tenants, secured 1,566 lease amendments and built 207 new towers, including 136 in Brazil. Operational expansion supported revenue growth, with the company reporting $872.9 million in revenue for the first half of 2025, up 2.32% year-on-year.

El-Rufai’s long-standing telecom investment
IHS shares have extended the more than 110% surge recorded in 2025, rising nearly 10% in 2026 from $7.35 at the start of the year to above $8 before the takeover announcement, pushing the company’s market capitalization past $2.3 billion.

El-Rufai, a co-founder and former president of Intercellular Nigeria Limited, remains a prominent figure in Nigeria’s telecom infrastructure sector. The MTN acquisition would crystallize the value of his long-standing investment while marking a significant consolidation move in Africa’s telecom tower industry.