In a transformative move for Africa’s telecom sector, IHS Holding Limited has agreed to be acquired by MTN Group Limited in an all-cash transaction valued at approximately $6.2 billion, marking one of the largest digital infrastructure deals on the continent.
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Under the agreement announced on Tuesday, IHS shareholders will receive $8.50 per ordinary share in cash. The offer represents a 239 percent premium to the company’s share price when it announced a strategic review on March 12, 2024, a 36 percent premium to its 52-week volume-weighted average price as of February 4, 2026, and a three percent premium to its unaffected closing price of $8.23 on that same date.
The transaction will see MTN, Africa’s largest mobile network operator by subscribers, move from being a major tenant and minority shareholder in IHS to full ownership. Upon completion, IHS will delist from the New York Stock Exchange and become a wholly owned subsidiary of MTN.
The acquisition represents a strategic pivot for MTN. Over the past decade, many African telecom operators divested tower assets to independent infrastructure firms to unlock capital and reduce balance sheet pressure. MTN itself had reduced direct exposure, retaining roughly a 24 percent fully diluted stake in IHS prior to the deal.
Ralph Mupita, group president and CEO of MTN, described the acquisition as pivotal for strengthening MTN’s strategic and financial position in a future where digital infrastructure is central to Africa’s development. He said the deal would enhance MTN’s ability to partner with governments and support long-term connectivity growth across its markets.
The IHS board unanimously approved the agreement, recommending shareholders vote in favor. MTN has committed to vote all its shares in support of the deal, while long-term shareholder Wendel has also issued a letter backing the transaction, together accounting for over 40 percent of shareholder support.
Sam Darwish, chairman and CEO of IHS, said the agreement provides shareholders certainty and immediate value amid macroeconomic and geopolitical volatility.
Founded 25 years ago with a single tower, IHS grew into one of the world’s largest independent tower companies, operating in 11 countries and managing approximately 40,000 towers at its peak.
The acquisition will be financed through a combination of MTN rolling over its existing stake, $1.1 billion in cash from MTN, about $1.1 billion from IHS’s balance sheet, and the rollover of existing IHS debt. A minimum of $355 million in cash must be retained at closing.
The deal, expected to close in 2026, is subject to shareholder and regulatory approvals. Certain funding conditions depend on the sale of IHS’s Latin American tower operations and fiber business, announced earlier in February.
J.P. Morgan is advising IHS, while BofA Securities and Citigroup Global Markets are advising MTN.
Beyond financial considerations, the acquisition signals a recalibration in Africa’s telecom infrastructure landscape. After years of asset-light strategies, operators are increasingly recognizing the strategic value of owning infrastructure amid rising data demand, geopolitical uncertainty, and the push for digital sovereignty.
If completed, the deal will create the largest standalone and integrated tower company in Africa under MTN’s control, aligning network operations with physical infrastructure in a region where connectivity remains both a commercial battleground and a development imperative.
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