IHS shareholders approve MTN’s $6.2 billion-backed merger in decisive EGM vote

IHS Holding, one of Africa’s largest independent owners, operators, and developers of shared telecommunications infrastructure, has secured shareholder approval for its proposed merger with MTN Group, marking a major milestone in the telecom infrastructure deal that will reshape ownership of one of Africa’s largest tower operators.

The approval was granted at an Extraordinary General Meeting (EGM) held on Aug. 4, 2026, where shareholders overwhelmingly backed the transaction tied to the Agreement and Plan of Merger signed on Feb. 17, 2026.

At the meeting, 264,066,813 ordinary shares, representing a quorum as of the July 9 record date, were present in person or by proxy. Voting was conducted by poll, with each share carrying one vote.

Shareholders back MTN acquisition structure

The key resolution passed at the EGM authorizes the merger between IHS and a subsidiary of Mobile Telephone Networks (Netherlands) B.V., ultimately controlled by MTN Group Limited.

Under the agreement, Sub-Merger Co, an entity incorporated in the Cayman Islands and wholly owned by MTN’s Dutch unit, will merge into IHS, with IHS continuing as the surviving entity. The transaction includes full approval of the merger agreement, the formal plan of merger, and the authority for company directors and officers to execute all necessary steps to complete the deal.

Because the special resolution received the required two-thirds majority, a secondary proposal to adjourn the meeting for additional proxy solicitation was not required and was not put to a vote.

Strategic milestone for MTN’s infrastructure ambitions

The shareholder vote fulfills a key condition precedent for MTN’s broader plan to acquire the remaining stake in IHS, reinforcing its push to deepen control over critical digital infrastructure across Africa.

MTN Group President and CEO Raph Mupita described the approval as a significant step toward completion of the transaction, highlighting the strategic importance of tower assets within the group’s long-term vision.

“Towers are a critical value-creation driver that will strengthen MTN’s strategic and financial position for the future, in a world where digital infrastructure and AI are becoming increasingly essential to Africa’s growth and development,” Mupita said.

The transaction aligns with MTN’s Ambition 2030 strategy, which focuses on scaling its three-platform model, with infrastructure positioned as a core pillar of growth.

Regulatory approvals remain key hurdle

Despite the shareholder backing, the deal is not yet complete. Its finalization remains subject to regulatory approvals across multiple jurisdictions, which are currently ongoing.

Once concluded, the merger is expected to consolidate MTN’s position in Africa’s telecom infrastructure space, giving it greater control over tower assets that underpin mobile connectivity and digital expansion across the continent.